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Question 2 REQUIRED: (1) Complete the following partial worksheet. (2) Using your worksheet information, prepare closing...

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Accounting

Question 2 REQUIRED:

(1) Complete the following partial worksheet.

  1. (2) Using your worksheet information, prepare closing entries(for December 31 of the current year) in the journal paper on thenext page. Note: Explanations are NOT required.

  2. (3) Assuming the journal entries prepared in part (2) have beenposted, prepare a Post-Closing Trial Balance (on the next page).Hint: you may find it helpful to use a T-account for calculatingCapital.

account titles adjusted trial balance    incomestatement statement of changes in equity or balance sheet

DR

CR

DR

CR

DR

CR

Cash

6,500

Accounts Receivable

1,500

Equipment

7,000

Accum. Dep. – Equipment

1,500

Accounts Payable

12,000

Unearned Revenue

2,000

Hugh Betcha, Capital

7,500

Hugh Betcha, Withdrawals

7,000

Fees Earned

7,000

Service Revenue

8,000

Wages Expense

9,000

Rent Expense

7,000

Totals

38,000

38,000

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