Preparing a worksheet, financial statements, and closing entries
The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows:
|
Account Title
|
Balance
Debit Credit
|
|
Cash
|
32,000
|
|
|
Accounts Receivable
|
46,000
|
|
|
Office Supplies
|
3,000
|
|
|
Equipment
|
25,000
|
|
|
Accumulated Depredation-Equipment
|
|
$ 11,000
|
|
Accounts Payable
|
|
15,000
|
|
Salaries Payable
|
|
|
|
Unearned Revenue
|
|
2,000
|
|
Notes Payable (long-term)
|
|
19,000
|
|
Fugazy, Capital
|
|
38,000
|
|
Fugazy, Withdrawals
|
30,000
|
|
|
Service Revenue
|
|
97,000
|
|
Insurance Expense
|
2,000
|
|
|
Salaries Expense
|
32,000
|
|
|
Supplies Expense
|
|
|
|
Interest Expense
|
3,000
|
|
|
Rent Expense
|
9,000
|
|
|
Depreciation Expense-Equipment
|
|
|
|
Total
|
S 182,000
|
5 182,000
|
Requirements
1. Prepare a worksheet for Fugazy Investment Advisers at December 31, 2014.
2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year.
3. Prepare closing journal entries.
Learning Objectives:
Total Assets $91,000