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M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Account Name 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 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit 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. 15,450 5,000 12,000 25,000 17,500 80,000 154,950

M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Account Name 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 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit 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. 15,450 5,000 12,000 25,000 17,500 80,000 154,950

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ch. 4 Classwork - Financial Statements and Closing Entries Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Debit 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit 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. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
Transcribed Image Text:Ch. 4 Classwork - Financial Statements and Closing Entries Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Debit 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit 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. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
ASSETS Current Assets: Total Current Assets Property, Plant & Equipment Total Property, Plant & Equipment Total Assets HELIN 1 2 3 4 9 10 11 12 5 6 7 www! 8 15 16 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 $. 13 14 HOME 17 18 19 20 Date 21 22 23 24 25 HIL 26 27 28 29 30 M4 Engineering, Inc. Balance Sheet - LIABILITIES Current Labilities: Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity GENERAL JOURNAL Description Post ref MacBook Pro Debit Page H Credit m TADBIRA 19 BROBI HOROR THU TREK 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 HELLO 28 HEARSANESSAN 29 PSHIRE 30
Transcribed Image Text:ASSETS Current Assets: Total Current Assets Property, Plant & Equipment Total Property, Plant & Equipment Total Assets HELIN 1 2 3 4 9 10 11 12 5 6 7 www! 8 15 16 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 $. 13 14 HOME 17 18 19 20 Date 21 22 23 24 25 HIL 26 27 28 29 30 M4 Engineering, Inc. Balance Sheet - LIABILITIES Current Labilities: Total Current Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities & Stockholders' Equity GENERAL JOURNAL Description Post ref MacBook Pro Debit Page H Credit m TADBIRA 19 BROBI HOROR THU TREK 2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 HELLO 28 HEARSANESSAN 29 PSHIRE 30
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Balance sheet is the statement which is prepared to depict the financial health of an entity. It is prepared on the basis of the accounting equation.

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