Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the owner of dynamo stores has come to you for ass

The owner of Dynamo Stores has come to you for assistance because his bookkeeper has...

60.1K

Verified Solution

Question

Accounting

The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him.

  1. Balance sheets as of December 31, 2020 and 2021.
  2. The owner withdrew $149,250 in 2021 for his personal use.
  3. The business incurred total expenses of $241,350 for 2021, of which $186,750 was for wages and $54,600 was for advertising.

2021 2020
Assets $ 241,350 $ 292,950
Liabilities $ 54,600 $ 82,950
Capital 186,750 210,000
$ 241,350 $ 292,950

image

Required: 1. Calculate the profit and total revenue for 2021.

2. Prepare closing entries for 2021.

2F%252Fne Saved 2. Prepare closing entries for 2021. View transaction list 8:46 Journal entry worksheet Note: Enter debits before credits. Date General Journal Dec 31, 2018 Debit Credit Record entry Clear entry View general journal (Prev 1 of 1 Next DOLL F3 F4 K F5 F6 F7 8 F9. F10 Il a * # / 3 $ 4 % 1 ? 5 6 7 & 7 8 2 9

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students