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In: Accounting

the adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name...

the adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows.

Account Name Balance
Cash 6,500
Accounts Receivable 1,650
Supplies 1,500
Prepaid Insurance 650
Equipment 14,500
Accumulated Depreciation–Equipment 2,600
Accounts Payable 2,850
Roger Dye, Capital 14,100
Roger Dye, Drawing 3,000
Fees Income 13,800
Supplies Expense 700
Insurance Expense 550
Depreciation Expense–Equipment 500
Salaries Expense 2,850
Utilities Expense 950


Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.

  • Inc Stmt and Bal St
  • General Journal

Prepare the Balance Sheet and Income Statement columns of the worksheet.
Income Statement Balance Sheet
Account Name Debit Credit Debit Credit
Cash
Accounts receivable
Supplies
Prepaid insurance
Equipment
Accumulated depreciation—Equipment
Accounts payable
Roger Dye, Capital
Roger Dye, Drawing
Fees income
Supplies expense
Insurance expense
Depreciation expense—Equipment
Salaries expense
Utilities expense
Totals
Net Income
  • Record entry to transfer drawings to capital account.

Note: Enter debits before credits.
Date General Journal Debit Credit
Dec 31, 2019




Solutions

Expert Solution

Income Statement Balance Sheet
Account Name Debit Credit Debit Credit
Cash $6,500
Accounts receivable $1,650
Supplies $1,500
Prepaid insurance $650
Equipment $14,500
Accumulated depreciation—Equipment $2,600
Accounts payable $2,850
Roger Dye, Capital $14,100
Roger Dye, Drawing $3,000
Fees income $13,800
Supplies expense $700
Insurance expense $550
Depreciation expense—Equipment $500
Salaries expense $2,850
Utilities expense $950
Totals $5,550 $13,800 $27,800 $19,550
Net Income $8,250 $8,250
$13,800 $13,800 $27,800 $27,800

--Closing Entry asked: Record entry to transfer drawings to capital account

Accounts title Debit Credit
Roger Dye, Capital $3,000
Roger Dye, Drawing $3,000

ekkarill92 answered 2 years ago
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