192. 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 Enterprises
Work Sheet
For the Year Ended December 31, 2011
Adjusted Trial BalanceIncome StatementBalance Sheet
Account TitleDebitCreditDebitCreditDebitCredit
Cash25,00025,000
Accounts Receivable7,0007,000
Supplies1,0001,000
Equipment18,50018,500
Accum. Depr. - Equip.3,5003,500
Accounts Payable11,00011,000
Wages Payable1,0001,000
Capital Stock8,0008,000
Dividends2,0002,000
Fees Earned59,50059,500
Wages Expense19,00019,000
Rent Expense7,0007,000
Depreciation Expense3,5003,500
Totals83,00083,00029,50059,50053,50023,500
Net Income (Loss)30,00030,000
59,50059,50053,50053,500
Prepare the required closing entries for Marcus Enterprises for the year ended December 31, 2011.
31Income Summary29,500
31Income Summary30,000
31Retained Earnings2,000
193. The following is the adjusted trial balance for Sandeep Company.