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EX 4-17
Closing Entries
July 31 Fees Earned 337,900
Income Summary 337,900
Ex 4-18:
BEACONS COMPANY
Income Statement
For the year ended December 31. 2019
Revenues:
Fees Revenue $ 401,200
Rent Revenue $ 1,300
Total Revenues $ 402,500
Expenses :
Salaries and Wages Expense $ 168,000
Advertising Expense $ 21,700
Utilities Expense $ 11,400
Depreciation Expense-Building $ 9,000
Repairs Expense $ 8,850
Depreciation Expense-Equipment $ 4,500
Insurance Expense $ 3,000
Supplies Expense $ 2,250
Miscellaneous Expense $ 4,350
Total Expenses $ 233,050
Net Income $ 169,450
BEACONS COMPANY
Statement of Owner’s Equity
For the year ended December 31. 2019
Sarah Colin, Capital, January 1,2019 $ 238,100
Net income for the year $ 169,450
Withdraws ($10,000)
Increase in owner’s equity 159,450
Sarah Colin, Capital, December 31, 2019 $ 397,550
(3) Balance Sheet
BEACONS COMPANY
Balance Sheet
December 31. 2019
Assets
Current assets:
Cash $ 13,000
Accounts receivable $ 53,000
Supplies 750
Land $ 98,000
Building $ 500,000
Equipment $ 121,900
Current liabilities:
Accounts payable $ 15,700
JOURNAL
Date Description Debit Credit
2019 Closing Entries
Dec 31 Fees Revenue 401,200
Rent Revenue 1,300
Salaries and Wages Expense 168,000
Advertising Expense 21,700
Utilities Expense 11,400
Depreciation Expense-Building 9,000
Repairs Expense 8,850
Depreciation Expense-Equipment 4,500
Insurance Expense 3,000
Supplies Expense 2,250
Miscellaneous Expense 4,350
Sarah Colin, Capital 169,450
BEACONS COMPANY
Post-closing Trial Balance
December 31. 2019
Cash 13,000 -
Accounts receivable 53,000 -
Prepaid insurance 1,200 -
Supplies 750 -
Land 98,000 -
Building 500,000 -
Accumulated depreciation-building - 264,300
Equipment 121,900 -
Accumulated depreciation-equipment - 104,600
Accounts payable - 15,700
Salaries & wages payable - 4,900
Unearned rent - 800
Sarah Colin, Capital - 397,550
787,850 787,850