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Completing the Accounting Cycle Closing Entries Post-closing Trial Balance Reversing Entries Name: Obar, Tarah Justasophia G. I. Enrichment Kay Travel was organized on September 1, 2016. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2016. The unadjusted trial balance for Kay at November 30, 2016 is shown below: Unadjusted Trial Balance Account Title and Explanation Debit Credit Cash 1,750 Accounts Receivable 1,210 Office Equipment Accum. Deprn-Off Eqpt Accounts Payable Каy, Саpital Kay, Withdrawal 4,800 80 1,640 7,490 500 Service Revenue 4,220 Advertising Expense Salaries Expense Rent Expense 800 3,600 0רה 13,430 13,430 Additional Information: The rent expense amounting to PHP770 covers rental for the month of November and December 2016 Instructions 1. Prepare the adjusting entries necessary for the above problem 2. Prepare an adjusted trial balance 3. Prepare an income statement ending November 30, 2016 4. Prepare closing entries

Completing the Accounting Cycle Closing Entries Post-closing Trial Balance Reversing Entries Name: Obar, Tarah Justasophia G. I. Enrichment Kay Travel was organized on September 1, 2016. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2016. The unadjusted trial balance for Kay at November 30, 2016 is shown below: Unadjusted Trial Balance Account Title and Explanation Debit Credit Cash 1,750 Accounts Receivable 1,210 Office Equipment Accum. Deprn-Off Eqpt Accounts Payable Каy, Саpital Kay, Withdrawal 4,800 80 1,640 7,490 500 Service Revenue 4,220 Advertising Expense Salaries Expense Rent Expense 800 3,600 0רה 13,430 13,430 Additional Information: The rent expense amounting to PHP770 covers rental for the month of November and December 2016 Instructions 1. Prepare the adjusting entries necessary for the above problem 2. Prepare an adjusted trial balance 3. Prepare an income statement ending November 30, 2016 4. Prepare closing entries

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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