FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following is Baker Co.'s Pre-Closing
Use the information in Baker’s Trial balance to answer D through H.
(D.) In the General Journal below record the
(E.) In the General Journal below record the journal entry that should be made to close the Expense accounts.
(F.) Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
Blank 1
(G.) Based on Baker’s account balances, the amount of Total Assets that would be shown on Baker’s
Blank 1
(H.) Based on Baker’s account balances, the amount of Total Equity that would be shown on Baker’s Balance Sheet as of December 31, 2017 would be:
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Transcribed Image Text:Аccount
Debit
Credit
Cash
10,000
Accounts Receivable
25,000
Inventory
40,000
Supplies
5,000
Equipment
100,000
Accumulated Depreciation
30,000
Accounts Payable
12,000
Note Payable
13,000
Interest Payable
3,000
Uneamed Revenue
8,000
Dividends Payable
7,000
Common Stock
10,000
Retained Earnings
46,000
Sales Revenue
193,000
Cost of Goods Sold
78,000
Depreciation Expense
18,000
Wages Expense
42,000
Supplies Expense
3,000
Interest Expense
1,000
Total 322,000
322,000
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F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
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F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
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