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FINANCIAL ACCOUNTING COMPREHENSIVE CLOSING ENTRY REQUIRED PROB. Prof. R.S. Claire O 11/15/2010 YOU HAVE BEEN GIVE THE FOLLOWING ADJUSTED LEDGER BALANCES: ASSUME THAT ALL OF THE BALANCES ARE NORMAL: CASH ACCOUNTS REC PRE-PAID EXPENSES LAND EQUIPMENT ACCUM. DEPR ACCTS PAYABLE WAGES PAYABLE NOTES PAYABLE RSC CAPITAL RSC DRAWING INCOME SUMMARY SALES WAGE EXP MAINT EXP INSR. EXP DEPR. EXP REQUIRED: A DATE $175,000 $300,000 $ 20,000 $280,000 $460,000 $105,000 $175,000 $ 10,000 $ 80,000 $150,000 $ 35,000 $ $975,000 $150,000 30,000 ? $ 30,000 CREATE A TRIAL BALANCE AND CALCULATE WHAT THE BAL. IS IN THE INSR. EXP. ACCT. USE JOURNAL PAPER BELOW: ACCOUNT DR CR

FINANCIAL ACCOUNTING COMPREHENSIVE CLOSING ENTRY REQUIRED PROB. Prof. R.S. Claire O 1 riszoto YOU HAVE BEEN GIVE THE FOLLOWING ADJUSTED LEDGER BALANCES: ASSUME THAT ALL OF THE BALANCES ARE NORMAL: REQUIRED: A CREATE A TRIAL BALANCE AND CAL CULATE WHAT THE BAL, IS IN THE INSR, EXP. ACCT. USE JOURNAL PAPER BELOW: D PREPARE THE CLOSING ENTRIES B PREPARE A CLASSIFIED INCOME STATEMENT \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ INCOME STATEMENT } & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} C PREPARE A CLASSIFIED BALANCE SHEET \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ BALANCE SHEET } & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}

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