Concept explainers
Tom’s Catering Services prepared the following work sheet for the year ended December 31, 20--.
Required
1. Complete the work sheet. (Skip this step if using QuickBooks or general ledger.)
2. Prepare an income statement.
3. Prepare a statement of owner’s equity; assume that there was an additional investment of $2,500 on December 1. (Skip this step if using QuickBooks. The additional investment assumption has already been completed in the data file.)
4. Prepare a
5. Journalize the closing entries with the four steps in the correct sequence.
6. Prepare a post-closing
Check Figure
Net income, $19,567
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Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
- Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owners equity. Assume that there was an additional investment of 5,000 on March 13. 4. Prepare a balance sheet. 5. Journalize the closing entries using the four steps in the correct sequence. 6. Prepare a post-dosing trial balance. Check Figure Post-closing trial balance total, 31,765arrow_forwardToms Catering Services prepared the following work sheet for the year ended December 31, 20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owners equity. Assume that there was an additional investment of 2,500 on December 1. 4. Prepare a balance sheet 5. Journalize the closing entries with the four steps in the correct sequence. 6. Prepare a post-closing trial balance. Check Figure Post-closing trial balance total, 31,665arrow_forwardPrepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850arrow_forward
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