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  • Accounting Income Statement and Balance Sheet

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    Audrey Janae Soriano
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    The document shows income statements, balance sheets, and closing entries for a company. The income statement shows revenues of $9,786 and expenses totaling $10,791, resulting in a net loss of $2,525. The balance sheet lists the company's assets (totaling $131,552), liabilities (totaling $131,552), and equity accounts. Closing entries transfer revenue and expense accounts to an income summary account, resulting in a post-closing trial balance.

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    Accounting Activity 4

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    The document shows income statements, balance sheets, and closing entries for a company. The income statement shows revenues of $9,786 and expenses totaling $10,791, resulting in a net loss of $2,525. The balance sheet lists the company's assets (totaling $131,552), liabilities (totaling $131,552), and equity accounts. Closing entries transfer revenue and expense accounts to an income summary account, resulting in a post-closing trial balance.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    29 views2 pages

    Accounting Income Statement and Balance Sheet

    Uploaded by

    Audrey Janae Soriano
    The document shows income statements, balance sheets, and closing entries for a company. The income statement shows revenues of $9,786 and expenses totaling $10,791, resulting in a net loss of $2,525. The balance sheet lists the company's assets (totaling $131,552), liabilities (totaling $131,552), and equity accounts. Closing entries transfer revenue and expense accounts to an income summary account, resulting in a post-closing trial balance.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Account titles Income Statement Balance Sheet

    Dr. Cr. Dr. Cr.


    Loans payable 420 420
    Tax payable 126 126
    Accounts payabl 33,033 33,033
    Accounts receiv 9,786 9,786
    License payable 700 700
    Advertising exp 4,585 4,585
    Bad debts expen 420 420
    Building 50,400 50,400
    Capital 90,670 90,670
    Cash 36,120 36,120
    Depreciation ex 210 210
    Depreciation ex 63 63
    Drawings 2,100 2,100
    Insurance expen 21 21
    Interest expense 42 42
    Interest payable 50 50
    Land 21,000 21,000
    Management fee 588 588
    Management fees 188 188
    Notes payable 4,200 4,200
    Office equipmen 7,560 7,560
    Office salaries 3,060 3,060
    Office supplies 840 840
    Office supplies 150 150
    Prepaid rent 280 280
    Sales commissi 7,678 7,678
    Sales salaries e 1,967 1,967
    Sales salaries p 253 253
    Telephone expe 273 273
    Commission pay 2,100 2,100
    Prepaid insuran 753 753
    Totals 10,791 8,266
    Net income (Net loss) 2,525 2,525
    Totals 10,791 10,791 131,552 131,552
    Closing Entries Post closing Trial balance
    Dr. Cr. Dr. Cr.
    420
    126
    33,033
    9,786
    700
    4,585
    420
    50,400
    86,045
    36,120
    210
    63
    2,100
    21
    42
    50
    21,000
    588
    188
    4,200
    7,560
    3,060
    840
    150
    280
    7,678
    1,967
    253
    273
    2,100
    753
    8,266 10,791
    4,625
    12,891 12,891 126,927 126,927

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