Completing the Accounting Cycle Beacon Signals Company End-of-Period Spreadsheet
ID: 2336828 • Letter: C
Question
Completing the Accounting Cycle Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Dr Adjusted Trial Balance Cr Dr Cr Account Title 13,000 53,000 (b) 3,000 1,200 8 Cash 13,000 9 Accounts Receivable 40,500 (a) 12,500 10 Prepaid Insurance 4,200 3,000 750 98,000 500,000 11 Supplies ) 2,250 12 Land 98,000 13 Building 500,000 (d) 9,000 (e) 4,500 (0 4,900 14 Accum Depr-Building 255,300 264,300 15 Equipment 121,900 121,900 104,600 15,700 4,900 800 238,100 100,100 15,700 16 Accum. Depr-Equipment 7 Accounts Payable 18 Salaries and Wages Payable 2,100 (g) 1,300 238,100 19 Unearned Rent 20 Sarah Colin, Capital 21 Sarah Colin, Drawing 10,000 10,000 (a)12,500 (9) 1,300 22 Fees Eamed 388,700 401,200 23 Rent Revenue 24 Salaries and Wages Expense 163,100 25Advertising Expense 26 Ubities Expense 27 Depr. Exp-Building 28 Repairs Expense 29 Depr. Exp-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense (0 4900 168,000 21,700 21,700 - 9,000 8,850 4,500 3,000 2,250 4,350 8,850 (e) 4500 4,350 1000,000 1,000,000 37450 37450 1030 900 1,030,900 34 Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 3. Prepare a balance sheet as of December 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance.Explanation / Answer
Income statement
statement of shareholders equity
fees earned
401200
opening balance of capital
238100
rent revenue
1300
add net profit
169450
total revenue
402500
less drawings
10000
less expenses
Year end balance
397550
Salaries and wages expense
168000
advertising expense
21700
Balance Sheet
utilities expense
11400
Assets
Depreciation- building
9000
Current assets
repair expense
8850
cash
13000
depreciation - equipment
4500
accounts receivables
53000
insurance expense
3000
prepaid insurance
1200
supplies expense
2250
supplies
750
Misc. expense
4350
total of current assets
67950
total of expenses
233050
building net off depreciation
235700
net profit
169450
equipment net of depreciation
17300
Land
98000
Closing Entries
total of assets
418950
fees earned
401200
rent revenue
1300
Liabilities and shareholders equity
income summary
402500
Liabilities
current liabilities
income summary
233050
Accounts payable
15700
Salaries and wages expense
168000
salaries and wages payable
4900
advertising expense
21700
unearned rent
800
utilities expense
11400
total of liabilities
21400
Depreciation- building
9000
owners equity
397550
repair expense
8850
depreciation - equipment
4500
total of liabilities and owners capital
418950
insurance expense
3000
supplies expense
2250
Misc. expense
4350
income summary
169450
retained earning
169450
Post closing trial balance
cash
13000
accounts receivables
53000
prepaid insurance
1200
supplies
750
building
500000
equipment
121900
land
98000
accumulated depreciation-building
264300
accumulated depreciation-equipment
104600
Accounts payable
15700
salaries and wages payable
4900
unearned rent
800
owners equity
397550
total
787850
787850
Income statement
statement of shareholders equity
fees earned
401200
opening balance of capital
238100
rent revenue
1300
add net profit
169450
total revenue
402500
less drawings
10000
less expenses
Year end balance
397550
Salaries and wages expense
168000
advertising expense
21700
Balance Sheet
utilities expense
11400
Assets
Depreciation- building
9000
Current assets
repair expense
8850
cash
13000
depreciation - equipment
4500
accounts receivables
53000
insurance expense
3000
prepaid insurance
1200
supplies expense
2250
supplies
750
Misc. expense
4350
total of current assets
67950
total of expenses
233050
building net off depreciation
235700
net profit
169450
equipment net of depreciation
17300
Land
98000
Closing Entries
total of assets
418950
fees earned
401200
rent revenue
1300
Liabilities and shareholders equity
income summary
402500
Liabilities
current liabilities
income summary
233050
Accounts payable
15700
Salaries and wages expense
168000
salaries and wages payable
4900
advertising expense
21700
unearned rent
800
utilities expense
11400
total of liabilities
21400
Depreciation- building
9000
owners equity
397550
repair expense
8850
depreciation - equipment
4500
total of liabilities and owners capital
418950
insurance expense
3000
supplies expense
2250
Misc. expense
4350
income summary
169450
retained earning
169450
Post closing trial balance
cash
13000
accounts receivables
53000
prepaid insurance
1200
supplies
750
building
500000
equipment
121900
land
98000
accumulated depreciation-building
264300
accumulated depreciation-equipment
104600
Accounts payable
15700
salaries and wages payable
4900
unearned rent
800
owners equity
397550
total
787850
787850
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