32) T.O.\'s Dance Studio as of December 31. 2015. All accou The alphabetical lis

Question

32) T.O.'s Dance Studio as of December 31. 2015. All accou The alphabetical listing below includes all of the adjusted account balances of nt balances are normal. $3.00 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Common Stock 8,00 3,00 2,00 5.00 1,00 1,00 9.00 1,00 1,00 2,00 3,00 4,000 18,000 1,000 Cash Depreciation Expense Dividends quipment Income Tax Expense Income Taxes Payable Rent Expense Retained Earnings alaries and Wages Expense Service Revenue Unearned Revenue uired: a. Prepare the closing entries. b. Prepare the post-closing trial balance as of December 31, 2015. c. Prepare the classified balance sheet at December 31, 2015.

Explanation / Answer

b)

3)

Date Account Debit credit 1 Service revenue 18000 Income statement 18000 [being revenue closed] 2 Income statement 8000 Depreciation expense 1000 Income tax expense 1000 Rent expense 2000 salaries and wage expense 4000 [To close expense] 3 Income statement 10000 Retained earning 10000 [To close net income][18000-8000] c Retained earning 1000 dividend 1000

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