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In: Accounting

Below is a trial Balance for Wilson Mowing Service as of December 31. Use it to...

  1. Below is a trial Balance for Wilson Mowing Service as of December 31. Use it to answer the questions 2 - 8

    Account DR CR
    Cash $6800
    Accounts Receivable 2500
    Supplies 1000
    Truck 8500
    Equipment 6300
    Accumulated Depreciation $2000
    Trademark 1000
    Accounts Payable 3500
    Salary Payable 200
    Mortgage Payable 8200
    Capital 3000
    Drawing 12000
    Service Revenue 31900
    Salary Expense 4500
    Repairs Expense 800
    Supplies Expense 1600
    Gasoline Expense 3800
    Total $48,800 $48,800

    Other information. The company is brand new. The owner contributed the full $3000 that is in the capital account this year.

  2. Use the Trial Balance above. Prepare the "R" closing entries

  3. Prepare the "E" closing entries

  4. Prepare the "I" Closing Entry

  5. Prepare the "D" Closing Entry

  6. Using the Adjusted Trial Balance -- Prepare the Income Statement. Using the a table.

  7. Using the Adjusted Trial Balance -- Prepare the Statement of Owner's Equity with a table.

  8. Use the adjusted Trial Balance and Prepare a Classified Balance Sheet.

Solutions

Expert Solution

Answer to All the Closing Entry:

Income Statement:

Statement of Owners Equity:

Balance Sheet:

Balance Sheet:

ekkarill92 answered 2 months ago
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