Question : 196. The following adjusted trial balance the result of the adjustments : 1239740

 

196. The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to prepare the closing entries for Ladonna Douglas Company. 

Cash

34,750.00

 

Accounts Receivable

9,750.00

 

Office Supplies

2,525.00

 

Store Supplies

4,785.00

 

Machinery

20,750.00

 

Accumulated Depreciation

 

2,150.00

Accounts Payable

 

14,300.00

Notes Payable

 

11,500.00

Capital Stock

 

7,500.00

Retained Earnings

 

46,225.00

Dividends

3,250.00

 

Service Revenue

 

41,500.00

Wages Expense

37,425.00

 

Rent Expense

3,000.00

 

Advertising Expense

2,750.00

 

Office Supplies Expense

1,465.00

 

Store Supplies Expense

2,150.00

 

Depreciation Expense

       575.00

___  _ ___

 

123,175.00

123,175.00

 

 

 

 

 

 

 

 

 

197. Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock.  The following is the work sheet for the company at the end of the first year in business.  Marcus EnterprisesWork SheetFor the Year Ended December 31, 2011 

 

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Title

Debit 

Credit

Debit

Credit

Debit

Credit

Cash

25,000

 

 

 

25,000

 

Accounts Receivable

7,000

 

 

 

7,000

 

Supplies

1,000

 

 

 

1,000

 

Equipment

18,500

 

 

 

18,500

 

Accum. Depr. – Equip.

 

3,500

 

 

 

3,500

Accounts Payable

 

11,000

 

 

 

11,000

Wages Payable

 

1,000

 

 

 

1,000

Capital Stock

 

8,000

 

 

 

8,000

Dividends

2,000

 

 

 

2,000

 

Fees Earned

 

59,500

 

59,500

 

 

Wages Expense

19,000

 

19,000

 

 

 

Rent Expense

7,000

 

7,000

 

 

 

Depreciation Expense

3,500

 

3,500

 

 

 

Totals

83,000

83,000

29,500

59,500

53,500

23,500

Net Income (Loss)

 

 

30,000

 

 

30,000

 

 

 

59,500

59,500

53,500

53,500

 

 

 

 

 

 

 

 

Prepare an income statement, retained earnings statement, and classified balance sheet for Marcus Enterprises for the year ended December 31, 2011. 

 

 

 

 

 

198. Marcus Enterprises began in 2011 when Damien Marcus invested $8,000 in exchange for capital stock.  The following is the work sheet for the company at the end of the first year in business.  Marcus EnterprisesWork SheetFor the Year Ended December 31, 2011 

 

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Title

Debit 

Credit

Debit

Credit

Debit

Credit

Cash

25,000

 

 

 

25,000

 

Accounts Receivable

7,000

 

 

 

7,000

 

Supplies

1,000

 

 

 

1,000

 

Equipment

18,500

 

 

 

18,500

 

Accum. Depr. – Equip.

 

3,500

 

 

 

3,500

Accounts Payable

 

11,000

 

 

 

11,000

Wages Payable

 

1,000

 

 

 

1,000

Capital Stock

 

8,000

 

 

 

8,000

Dividends

2,000

 

 

 

2,000

 

Fees Earned

 

59,500

 

59,500

 

 

Wages Expense

19,000

 

19,000

 

 

 

Rent Expense

7,000

 

7,000

 

 

 

Depreciation Expense

3,500

 

3,500

 

 

 

Totals

83,000

83,000

29,500

59,500

53,500

23,500

Net Income (Loss)

 

 

30,000

 

 

30,000

 

 

 

59,500

59,500

53,500

53,500

 

 

 

 

 

 

 

 

Prepare the required closing entries for Marcus Enterprises for the year ended December 31, 2011. 

 

 

 

 

 

 

 

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