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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