For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance.
Problem & AdjTB Ch. 4 Classwork - Financial Statements and Closing Entries M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Account NameDebitCredit Cash15,000 Accounts Receivable10,000 Supplies750 Building100,000 Accum. Depreciation15,450 Accounts Payable5,000 Notes Payable12,000 Common Stock25,000 Retained Earnings17,500 Dividends3,000 Fees Earned80,000 Depreciation Expense2,000 Rent Expense18,000 Utility Expense6,200 Totals154,950154,950 For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. IS M4 Engineering, Inc. Income Statement shannon macias: Shannon Macias: Statement DateExpenses: Total Expenses- 0 - 0 Stmt of SE M4 Engineering, Inc. Statement of Stockholders' Equity shannon macias: Shannon Macias: Statement DateCommon StockRetained EarningsTotal Balances, January 1, 2020- 0 Issued Common Stock- 0 - 0 - 0 - 0 Balances, December 31, 2020- 0- 0- 0 BS M4 Engineering, Inc. Balance Sheet shannon macias: Shannon Macias: Statement DateASSETSLIABILITIES Current Assets:Current Liabilities: Total Current Assets- 0Total Current Liabilities- 0 Property, Plant & EquipmentStockholders' Equity Total Stockholders' Equity- 0 Total Property, Plant & Equipment- 0 Total Assets- 0Total Liabilities & Stockholders' Equity- 0 General Journal Journalize the Closing entries. Proper journal formatting is required: List all Debits of each transaction first with the Account Name left-aligned. List Credits of each transaction next with the Account Name indented. Skip lines between transactions. Don't include descriptions. Don't use $. GENERAL JOURNALPage DateDescriptionPost refDebitCredit 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 T Accounts 110,300=110,300 ASSETS=LIABILITIES+EQUITY CashSuppliesAccounts PayableCommon StockRetained EarningsDepreciation Exp.Utility Expense Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. 15,0007505,00025,00017,5002,0006,200 7505,00025,00017,5002,0006,200 BuildingNotes PayableDividendsFees EarnedRent Expense Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. 100,00012,0003,00080,00018,000 15,000100,00012,0003,00080,00018,000 Accounts ReceivableAccum. Depreciation Dr.Cr.Dr.Cr. 10,00015,450 10,00015,450 Post-Closing TB Ch. 4 Classwork - Financial Statements and Closing Entries M4 Engineering, Inc. Post-Closing Trial Balance For the Year Ended December 31, 2020 Account NameDebitCredit Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals- 0- 0