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The following is the adjusted trial balance as of December 31, 2017 of Current Times Watch ...

H3Ko

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The following is the adjusted trial balance as of December 31, 2017 of Current Times Watch ...

The following is the adjusted trial balance as of December 31, 2017 of Current Times Watch Inc.:

Accounts   Debit   Credit
Cash   $ 18,000
Accounts Receivable   30,000
Prepaid Insurance   9,000
Office Supplies   3,200
Building   165,000
Accumulated DepreciationBuilding      $ 12,000
Equipment   88,000
Accumulated DepreciationEquipment      8,500
Land   45,000
Accounts Payable      12,000
Salaries Payable      2,000
Unearned Revenue      25,000
Mortgage Payable      100,000
Common Stock      21,290
Dividends   25,840
Service Revenue      325,000
Salaries Expense   63,000
Depreciation ExpenseBuilding and Equipment   6,250
Supplies Expense   15,000
Insurance Expense   14,500
Utilities Expense   23,000   _______
Total   $505,790   $505,790

Provide the closing entry for the Income Summary account.

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 190 times

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H3Ko Author

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7 years ago

I just realized you had posted this! Thanks so much

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Mrgo-breed

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7 years ago

Happy to help Smiling Face with Open Mouth

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