183.The following adjusted trial balance is the result of the adjustments made at the end of the month of July forLadonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna DouglasCompany.
Cash34,750
Accounts Receivable9,750
Office Supplies2,525
Store Supplies4,785
Machinery10,750
Accumulated Depreciation2,150
Accounts Payable14,300
Notes Payable11,500
Ladonna Douglas, Capital53,725
Ladonna Douglas, Drawing13,250
Service Revenue41,500
Wages Expense37,425
Rent Expense3,000
Advertising Expense2,750
Office Supplies Expense1,465
Store Supplies Expense2,150
Depreciation Expense575
123,175123,175
184.Austin Enterprises was started by Daniel Austin. During the current year, Daniel Austininvested $8,000 in thebusiness. Based on the following endofyear spreadsheet, prepare an income statement, statement of owner’sequity, and balance sheet for Austin Enterprises for the year ended December 31.
Austin Enterprises
End-of-Period Spreadsheet
For the Year Ended December 31
?Adjusted Trial BalanceIncome Statement Balance Sheet
Account TitleDebit CreditDebitCreditDebitCredit
Cash26,500 26,500
Accounts Receivable7,000 7,000
Supplies1,000 1,000
Equipment18,500 18,500
Accumulated Depr.—Equip. 5,000 5,000
Accounts Payable 11,000 11,000
Wages Payable 1,000 1,000
Daniel Austin, Capital 8,000 8,000
Daniel Austin, Drawing2,000 2,000
Fees Earned 59,500 59,500
Wages Expense19,000 19,000
Rent Expense7,000 7,000
Depreciation Expense3,500 3,500
Totals84,50084,50029,50059,50055,00025,000
Net Income (Loss) 30,000 30,000
59,50059,50055,00055,000