P3-8 (L03,4,5) (Adjusting Entries and Financial Statements) Vedula Advertising w

Question

P3-8 (L03,4,5) (Adjusting Entries and Financial Statements) Vedula Advertising was founded by Murali Vedula in January 2015. On the next page are both the adjusted and unadjusted trial balances as of December 31, 2017.

Question : Prepare any necessary closing entries.

142 Chapter 3 The Accounting Information System VEDULA ADVERTISING DECEMBER 31, 2017 Unadjusted Adjusted Accounts Receivable Accumulated Depreciation-Equipment Interest Payable Unearned Service Revenue Salaries and Wages Payable 10,000 Salaries and Wages Expense $123,100 $123,100 $132,980 $132,980

Explanation / Answer

Service revenue 63000       Income Summary 63000 Income Summary 24190       Salaries and wages expense 9820       Insurance expense 1560       Interest expense 560       Depreciation expense 5000       Supplies expense 2900       Rent expense 4350 Income Summary 38810 =63000-24190      Retained earnings 38810 Retained earnings 10000      Dividends 10000

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