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- Prepare a Nov (xxxx) multiple-step income statement, a Nov (xxxx) statement of owner's equity, and a Nov 30, (xxxx), classified balance sheet.
- Prepare and post the closing entries to the general ledger. Also, prepare a post-closing trial balance
Assignment #3 Month End Closing Entry Adjustments Dr. Cr. Income Statement Dr. Balance Sheet & Statement of Owner's Equity Dr. 121,688 45,104 96,992 Cr. Cr. 2,100 132,000 Assignment #3 Post Closing Trial Balance Dr. Cr. 121,688 45,104 96,992 0 0 2,100 132,000 42,050 10,649 658 16,580 2,268 191,594 113,883 10,500 42,050 10,649 658 16,580 2,268 191,594 113,883 10,500 292,617 292,617 663 126,120 663 126,120 304 304 16,800 1,373 3,105 5,100 1,000 8,968 22,085 19,305 3,242 0 0 1,373 3,105 5,100 1,000 8,968 22,085 19,305 3,242 292,921 435,613 626,574 643,374 207,761 85,160 292,921 350,453 85,160 435,613 435,613 626,574 643,374 Credit Date Nov Account Titles and Explanation Sales Revenue Income Summary Close sales revenue to Income Sumaary 30 Debit 292,617 292,617 Nov 30 Income Summary Sales disc returns and allowances 133,119 Close contra accounts to Income Summary Nov 30 75,058 (3) Income Summary Purchase Discount Cost of Goods Sold Depreciation expense-Automobiles Store supplies expense Office supplies expense Insurance expense Property Tax Expense Rent expense Salaries expense- Sales Salaries expense-Office Utilities expense-Electricity Close COGS & expenses to Income Summary 16,800 3,105 1,373 5,100 1,000 8,968 16,165 19,305 3,242 Nov 30 84,440 Income Summary Owner, Capital Close Income / Summary to Capital 84,440 Nov 30 10,500 Owner, Capital Owner, Withdrawls Close owner withdrawals to Capital Account 10,500 462,615 462,615 Name Post Closing Trial Balance Fitchburg LLC Post-Closing Trial Balance November 30, 20XX Credit Debit $121,057 45,024 96,233 2,100 132,000 $ 42,050 Cash Accounts receivable Merchandise inventory Prepaid Insurance Automobiles accumulated depreciation Office equipment accumulated depreciation Store equipment accumulated depreciation Accounts Payable Owner, Capital 10,649 658 16,580 2,268 190,844 187,823 Totals $423,643 $423,643 $121,688 45, 104 96,992 2,100 Fitchburg LLC Balance Sheet November 30, 20XX Assets: Current assets: Cash Accounts receivable Merchandise inventory Prepaid Insurance Total current assets: Auto and Plant Assets Automobiles Less: accumulated depreciation Office equipment Less: accumulated depreciation Store equipment Less: accumulated depreciation Total Auto and Plant Assets Total Assets $265,884 89,950 132,000 (42,050) 10,649 (658) 16,580 (2,268) 9,991 14,312 114,253 $380,137 Liabilities Current Liabilities: Accounts Payable $191,594 0 Office supplies Store supplies O O Owner, Capital 199,043 Total liabilities and owner's equity $390,637 ** Difference = -$ 10,500 $ Income Statement Fitchburg LLC Income Statement For Month Ended November 30, 20XX $292,617 Sales Revenue Less: Sales discounts rets & allow $663 663 291,954 $ 126, 120 304 125,816 166,138 Net Sales Cost of goods sold Less Purchase Discount Less: Total Cost of Goods Sold Gross Profit: Expenses: Selling Expenses Depreciation Expense -Automobiles Store supplies expense Salaries expense - Sales Total selling Expenses General and administrative Expenses Office supplies expense Insurance Expense Property Tax Expense Rent expense Utilities expense - Electricity Salaries expense - Office Total general and administrative expenses Total Expenses Net Income 16,800 3,105 16,165 36,070 $ 1,373 5,100 1,000 8,968 3,242 19,305 38,988 $ $ 75,058 91,080 Assignment #3 Month End Closing Entry Adjustments Dr. Cr. Income Statement Dr. Balance Sheet & Statement of Owner's Equity Dr. 121,688 45,104 96,992 Cr. Cr. 2,100 132,000 Assignment #3 Post Closing Trial Balance Dr. Cr. 121,688 45,104 96,992 0 0 2,100 132,000 42,050 10,649 658 16,580 2,268 191,594 113,883 10,500 42,050 10,649 658 16,580 2,268 191,594 113,883 10,500 292,617 292,617 663 126,120 663 126,120 304 304 16,800 1,373 3,105 5,100 1,000 8,968 22,085 19,305 3,242 0 0 1,373 3,105 5,100 1,000 8,968 22,085 19,305 3,242 292,921 435,613 626,574 643,374 207,761 85,160 292,921 350,453 85,160 435,613 435,613 626,574 643,374 Credit Date Nov Account Titles and Explanation Sales Revenue Income Summary Close sales revenue to Income Sumaary 30 Debit 292,617 292,617 Nov 30 Income Summary Sales disc returns and allowances 133,119 Close contra accounts to Income Summary Nov 30 75,058 (3) Income Summary Purchase Discount Cost of Goods Sold Depreciation expense-Automobiles Store supplies expense Office supplies expense Insurance expense Property Tax Expense Rent expense Salaries expense- Sales Salaries expense-Office Utilities expense-Electricity Close COGS & expenses to Income Summary 16,800 3,105 1,373 5,100 1,000 8,968 16,165 19,305 3,242 Nov 30 84,440 Income Summary Owner, Capital Close Income / Summary to Capital 84,440 Nov 30 10,500 Owner, Capital Owner, Withdrawls Close owner withdrawals to Capital Account 10,500 462,615 462,615 Name Post Closing Trial Balance Fitchburg LLC Post-Closing Trial Balance November 30, 20XX Credit Debit $121,057 45,024 96,233 2,100 132,000 $ 42,050 Cash Accounts receivable Merchandise inventory Prepaid Insurance Automobiles accumulated depreciation Office equipment accumulated depreciation Store equipment accumulated depreciation Accounts Payable Owner, Capital 10,649 658 16,580 2,268 190,844 187,823 Totals $423,643 $423,643 $121,688 45, 104 96,992 2,100 Fitchburg LLC Balance Sheet November 30, 20XX Assets: Current assets: Cash Accounts receivable Merchandise inventory Prepaid Insurance Total current assets: Auto and Plant Assets Automobiles Less: accumulated depreciation Office equipment Less: accumulated depreciation Store equipment Less: accumulated depreciation Total Auto and Plant Assets Total Assets $265,884 89,950 132,000 (42,050) 10,649 (658) 16,580 (2,268) 9,991 14,312 114,253 $380,137 Liabilities Current Liabilities: Accounts Payable $191,594 0 Office supplies Store supplies O O Owner, Capital 199,043 Total liabilities and owner's equity $390,637 ** Difference = -$ 10,500 $ Income Statement Fitchburg LLC Income Statement For Month Ended November 30, 20XX $292,617 Sales Revenue Less: Sales discounts rets & allow $663 663 291,954 $ 126, 120 304 125,816 166,138 Net Sales Cost of goods sold Less Purchase Discount Less: Total Cost of Goods Sold Gross Profit: Expenses: Selling Expenses Depreciation Expense -Automobiles Store supplies expense Salaries expense - Sales Total selling Expenses General and administrative Expenses Office supplies expense Insurance Expense Property Tax Expense Rent expense Utilities expense - Electricity Salaries expense - Office Total general and administrative expenses Total Expenses Net Income 16,800 3,105 16,165 36,070 $ 1,373 5,100 1,000 8,968 3,242 19,305 38,988 $ $ 75,058 91,080
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