After five years of operations Svenson s Tutoring Clinic

showed the #4339

After five years of operations, Svenson's Tutoring Clinic showed the following post-closing
balances at December 31, 2013.RequiredAnalysis Component:a. Explain why Leda Svenson,
Withdrawals, Tutoring Fees Earned, Rent Expense, Depreciation Expense, and Advertising
Expense have zero balances.Preparation Component:b. Journalize and post the following
transactions that occurred during 2014.Jan 15 Provided $8,000 of tutoring services on
account.Feb. 20 Paid $2,000 for advertising that appeared in today's newspaper.Jul. 7
Collected $9,000 from credit customers.Dec. 10 The owner withdrew $3,000 cash for personal
use.c. Prepare an unadjusted trial balance as at December 31, 2014.d. Journalize and post the
adjusting entries on December 31, 2014, based on the following additional information:- Annual
depreciation on the office equipment is $2,000.- $2,400 of the balance in unearned fees has
been earned.- The entire balance in prepaid rent has expired.e. Prepare an adjusted trial
balance at December 31, 2014.f. Prepare an income statement, statement of changes in equity,
and classified balance sheet.g. Journalize and post the closing entries.h. Prepare a post-closing
trial balance.View Solution:
After five years of operations Svenson s Tutoring Clinic showed the

ANSWER
http://paperinstant.com/downloads/after-five-years-of-operations-svenson-s-tutoring-clinic-
showed-the/

1/1
Powered by TCPDF (www.tcpdf.org)