Activity 1.1.4. Can You Solve the Problem?Construct the Report Form and Account Form of the Statement of Financial Position using the Post-Closing Trial Balance of Dela Cruz Law Office.DELA CRUZ LAW OFFICEPOST-CLOSING TRIAL BALANCEJANUARY 1, 2020DEBIT588,500.0075,000.002,000.00110,000.0036,000.00ACCOUNTSCREDITCashAccounts ReceivableOffice SuppliesPrepaid RentOffice FurnitureAccumulated Depreciation-Office FurnitureAccounts PayableNotes PayableUnearned RevenueAccrued InterestMortgage Payable-Long TermJuan Dela Cruz, Capital1,000.0025,000.0050,000.0035,000.00500.0050,000.00650,000.00811,500.00811,500.00

Answered: Construct the Report Form and Account…

Construct the Report Form and Account Form of the Statement of Financial Position using the Post- Closing Trial Balance of Dela Cruz Law Office.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9EB: Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance....

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The partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owners equity, revenue, and expenses. 3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 5,840
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