Follow the format on the second image. Do it nicely. ClosingBaianceDrSheetCrFost ClosingStatementCr.EntriesTra BaanceIncomeCr. Loans PayableTax PayableAccounts PayableAccounts ReceivableLicense PayableAdvertising ExpenseBad Debts ExpenseBuildingCapitalCashDepreciation Expense-BidgDepreciation Expense-EquiptDrawingInsurance ExpenseInterest ExpenseInterest PayableLandManagement Fees IncomeManagement F ees ReceivableNotes PayableOffice EquiptmentsOffice Salaries ExpenxeOffice SuppliesOffice Supplies ExpensePrepaid RentSales Commissions IncomeSales Salaries ExpenseSales Salaries PayableTelephone ExpenseCommissions PaablePrepaid InsuranceTOTALSNat Income (Net Loss)TOTALSBalances420 00126.0033,033 009.786 00700 004,585 00420 0050 400.0090,670 .0036.120 00210 0063 002,100 0021.0042.0050.0021,000 00588 00168.004.200 007.560 003,060 00840.00150 00280.007678.001,967 00253 00273.002,100.00753.00

The financial statements of the business include the income statement and balance sheet.

Talances 420 00 126 00 33.033 00 9.766 00 700 00 585 00 420 00 50 400 00 90670 00 36.120 00 210 00 63 00 2.100 00 21.00 42.00 50 00 21.000 00 588 00 166 00 Loans Payable Payeble TC Accounts Payable Accounts Receivable License Payable Advertising Expense Bad Debts Expense Dulding Capita Cash Depreciation Expense-Bidg Depreciation Expense-Equit Drawing Insurance Expense Interest Expense Interest Payable Land Management Fees income Management Fees Receivabie

Talances 420 00 126 00 33.033 00 9.766 00 700 00 585 00 420 00 50 400 00 90670 00 36.120 00 210 00 63 00 2.100 00 21.00 42.00 50 00 21.000 00 588 00 166 00 Loans Payable Payeble TC Accounts Payable Accounts Receivable License Payable Advertising Expense Bad Debts Expense Dulding Capita Cash Depreciation Expense-Bidg Depreciation Expense-Equit Drawing Insurance Expense Interest Expense Interest Payable Land Management Fees income Management Fees Receivabie

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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