Prepare closing entries from the following work sheet. Lakendra Enterprises Work
ID: 2374582 • Letter: P
Question
Prepare closing entries from the following work sheet.
Lakendra Enterprises
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
26,500
26,500
Accounts Receivable
7,000
7,000
Supplies
1,000
1,000
Equipment
18,500
18,500
Accumulated Depr-Equip
5,000
5,000
Accounts Payable
11,000
11,000
Wages Payable
1,000
1,000
Lakendra Thomas, Capital
8,000
8,000
Lakendra Thomas, Drawing
2,000
2,000
Fees Earned
59,500
59,500
Wages Expense
19,000
19,000
Rent Expense
7,000
7,000
Depreciation Expense
3,500
3,500
Totals
84,500
84,500
29,500
59,500
55,000
25,000
Net Income (Loss)
30,000
30,000
59,500
59,500
55,000
55,000
Prepare closing entries from the following work sheet.
Lakendra Enterprises
Worksheet
For the Year Ended December 31, 2010
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
26,500
26,500
Accounts Receivable
7,000
7,000
Supplies
1,000
1,000
Equipment
18,500
18,500
Accumulated Depr-Equip
5,000
5,000
Accounts Payable
11,000
11,000
Wages Payable
1,000
1,000
Lakendra Thomas, Capital
8,000
8,000
Lakendra Thomas, Drawing
2,000
2,000
Fees Earned
59,500
59,500
Wages Expense
19,000
19,000
Rent Expense
7,000
7,000
Depreciation Expense
3,500
3,500
Totals
84,500
84,500
29,500
59,500
55,000
25,000
Net Income (Loss)
30,000
30,000
59,500
59,500
55,000
55,000
Explanation / Answer
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