CengagexCengageNOWv2 | Online teachin x b My Questions | bartleby←→Câhttps://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in.Ch 4-3 Exercises & ProblemseBookShow Me HovwCalculatorPrint ItemmFinancial statements and closing entriesInstructionsChart of AccountsLabels and Amount DescriptionsIncome Statement Statement of Owner's Equity Balance Sheet JournalStatement of Owner's EquiIncome StatementFor the Year Ended December 31, 20191 Revenues:2Fees earned3 Rent revenueS401,200.001,300.00Total revenuesS402,500.005 Expenses:6 s and wages expense7 Advertising expense8 Utiities expense9 Depreciation expense-building10 Repars expense11 Depreciation expense-equipment12 Insurance expense13 Supplies14 Miscellaneous expense15 Net income$168,000.0021,700.0011,400.009,000.008,850.004,500.003,000.002,250.00230,800.00169,450.00Check My Work2 more Check My Work uses remainingPreviousAssignment Score: 50%All work savedEmail InstructorSave and Exit Submit Assignment for Grading

Question
Asked Feb 4, 2019
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Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the end of the fiscal year:
Beacon Signals Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2019
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000.00 13,000.00
Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00
Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00
Supplies 3,000.00 (c) 2,250.00 750.00
Land 98,000.00 98,000.00
Building 500,000.00 500,000.00
Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00
Equipment 121,900.00 121,900.00
Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00
Accounts Payable 15,700.00 15,700.00
Salaries and Wages Payable (f) 4,900.00 4,900.00
Unearned Rent 2,100.00 (g) 1,300.00 800.00
Sarah Colin, Capital 238,100.00 238,100.00
Sarah Colin, Drawing 10,000.00 10,000.00
Fees Earned 388,700.00 (a) 12,500.00 401,200.00
Rent Revenue (g) 1,300.00 1,300.00
Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00
Advertising Expense 21,700.00 21,700.00
Utilities Expense 11,400.00 11,400.00
Depreciation Expense-Building (d) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00

Required:

4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.

I have attached a picture of the income statement portion of the question which was already completed with the values as well

Cengage
xCengageNOWv2 | Online teachin x b My Questions | bartleby
←
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C
â
https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in.
Ch 4-3 Exercises & Problems
eBook
Show Me Hovw
Calculator
Print Itemm
Financial statements and closing entries
Instructions
Chart of Accounts
Labels and Amount Descriptions
Income Statement Statement of Owner's Equity Balance Sheet Journal
Statement of Owner's Equi
Income Statement
For the Year Ended December 31, 2019
1 Revenues:
2Fees earned
3 Rent revenue
S401,200.00
1,300.00
Total revenues
S402,500.00
5 Expenses:
6 s and wages expense
7 Advertising expense
8 Utiities expense
9 Depreciation expense-building
10 Repars expense
11 Depreciation expense-equipment
12 Insurance expense
13 Supplies
14 Miscellaneous expense
15 Net income
$168,000.00
21,700.00
11,400.00
9,000.00
8,850.00
4,500.00
3,000.00
2,250.00
230,800.00
169,450.00
Check My Work
2 more Check My Work uses remaining
Previous
Assignment Score: 50%
All work saved
Email InstructorSave and Exit Submit Assignment for Grading
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Cengage xCengageNOWv2 | Online teachin x b My Questions | bartleby ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 4-3 Exercises & Problems eBook Show Me Hovw Calculator Print Itemm Financial statements and closing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Journal Statement of Owner's Equi Income Statement For the Year Ended December 31, 2019 1 Revenues: 2Fees earned 3 Rent revenue S401,200.00 1,300.00 Total revenues S402,500.00 5 Expenses: 6 s and wages expense 7 Advertising expense 8 Utiities expense 9 Depreciation expense-building 10 Repars expense 11 Depreciation expense-equipment 12 Insurance expense 13 Supplies 14 Miscellaneous expense 15 Net income $168,000.00 21,700.00 11,400.00 9,000.00 8,850.00 4,500.00 3,000.00 2,250.00 230,800.00 169,450.00 Check My Work 2 more Check My Work uses remaining Previous Assignment Score: 50% All work saved Email InstructorSave and Exit Submit Assignment for Grading

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Expert Answer

Step 1

Four closisng entries need to be passed:

1. Revenues accounts are closed by debiting them and credit to Income Summary account.

2. Expenses accounts are cosed by crediting them and debit to Income Summary.

3.Net bala...

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