A partially completed worksheet for At Home Pet Grooming Service, a firm that gr

Question

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner's home, follows. Required: 1. Complete the worksheet. 2. Record the adjusting entries in the general journal (transactions 1-3). 3. Record the closing entries in the general journal (transactions 4-7) 4. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances 5. Prepare a post-closing trial balance. Analyze: What total debits were posted to the general ledger to complete all closing entries for the month of December?

Explanation / Answer

At Home Pet Grooming Service Work sheet Month ended December 31,2019 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $30,850.00 $30,850.00 $30,850.00 Accounts Receivables $4,850.00 $4,850.00 $4,850.00 Supplies $3,600.00 $1,500.00 $2,100.00 $2,100.00 Prepaid Advertising $2,800.00 $1,300.00 $1,500.00 $1,500.00 Equipment $19,800.00 $19,800.00 $19,800.00 Accumulated Depreciation - Equipment $460.00 $460.00 $460.00 Accounts Payable $4,800.00 $4,800.00 $4,800.00 Shara Johns , Capital $33,500.00 $33,500.00 $33,500.00 Shara Johns , Drawings $1,800.00 $1,800.00 $1,800.00 Fees income $30,680.00 $30,680.00 $30,680.00 Salaries Expense $4,600.00 $4,600.00 $4,600.00 Utilities Expense $680.00 $680.00 $680.00 Supplies Expense $1,500.00 $1,500.00 $1,500.00 Advertising Expense $1,300.00 $1,300.00 $1,300.00 Depreciation Expense - Equipment $460.00 $460.00 $460.00 Total $68,980.00 $68,980.00 $3,260.00 $3,260.00 $69,440.00 $69,440.00 $8,540.00 $30,680.00 $60,900.00 $38,760.00 Net income $22,140.00

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