Account Title Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Machinery Accu. Depreciation - Machinery Equipment Accu. Depreciation - Equipment Accounts Payable Unearned Revenue Salazar, Capital Salazar, Withdrawals Service Revenue Rent Expense Advertising Expense Utilities Expense Total 40,000 63,000 37,000 30,000 120,000 36,000 240,000 48,000 56,000 28,000 264,000 26,000 184,000 38,000 14,000 8,000 616,000 616,000

Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN:9781337485913
Author:BROOKS
Publisher:BROOKS
Chapter8: Subprime Lending Fiasco-ethics Issues
Section: Chapter Questions
Problem 3.7EC
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1. Necessary Closing Entries

2. Closing entries column & Post Closing Trial Balance Column

3. Balance Sheet for Mr. Salazar Business (the Year 2020)

Account Title
Credit
Debit
40,000
63,000
37,000
30,000
120,000
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Machinery
Accu. Depreciation - Machinery
Equipment
Accu. Depreciation - Equipment
Accounts Payable
Unearned Revenue
Salazar, Capital
Salazar, Withdrawals
Service Revenue
Rent Expense
Advertising Expense
Utilities Expense
Total
36,000
240,000
48,000
56,000
28,000
264,000
26,000
184,000
38,000
14,000
8,000
616,000
616,000
Transcribed Image Text:Account Title Credit Debit 40,000 63,000 37,000 30,000 120,000 Cash Accounts Receivable Office Supplies Prepaid Insurance Machinery Accu. Depreciation - Machinery Equipment Accu. Depreciation - Equipment Accounts Payable Unearned Revenue Salazar, Capital Salazar, Withdrawals Service Revenue Rent Expense Advertising Expense Utilities Expense Total 36,000 240,000 48,000 56,000 28,000 264,000 26,000 184,000 38,000 14,000 8,000 616,000 616,000
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