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ACC - EZ Inc., Income Statement Questions




Question;Use the information provided below to prepare closing entries on 12/31/2014 and then prepare thepost-closing trial balances as of 12/31/2014.EZ Inc Income Statement For the year ended December 31, 2014 Revenues Service revenue $19,000Expenses Supplies expense $500Salaries expense 4,000 Rent expense 1,500 Total expenses $6,000Net income 13,000 EZ Inc Balance Sheet As of December 31, 2014 Assets Current Assets Cash $2,000Accounts receivable 1,300 Supplies 600 Prepaid insurance 500 Total current assets 4,400 Property, plant and equipment Equipment $5,000Less: Accumulated depreciation-Equipment 500 4,500 Total assets 8,900 Liabilities and Owner's Equity Liabilities Notes payable $5,000Accounts payable 700 Interest payable 100 Salaries payable 1,300 Total liabilities 7,100 Owner's equity Owner's capital 1,800 Total liabilities and owner's equity $8,900ANDClosing entries EZ Inc Date Account Debit Credit Post-Closing Trial Balance12/31/2014 December 31, 2014 12/31/2014 Account Title Debit Credit Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation 12/31/2014 Notes payable Accounts payable Interest payable Salaries payable Owner's capital Service revenue Supplies expense Salaries expense Rent expense


Paper#42406 | Written in 18-Jul-2015

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