Problem & AdjTB
Ch. 4 Classwork - Financial Statements and Closing Entries
M4 Engineering, Inc.
Adjusted Trial Balance
For the Year Ended December 31, 2020
Account Name Debit Credit
Cash 15,000
Accounts Receivable 10,000
Supplies 750
Building 100,000
Accum. Depreciation 15,450
Accounts Payable 5,000
Notes Payable 12,000
Common Stock 25,000
Retained Earnings 17,500
Dividends 3,000
Fees Earned 80,000
Depreciation Expense 2,000
Rent Expense 18,000
Utility Expense 6,200
Totals 154,950 154,950
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.
IS
M4 Engineering, Inc.
Income Statement
shannon macias: Shannon Macias:
Statement Date Expenses:
Total Expenses - 0
- 0
Stmt of SE
M4 Engineering, Inc.
Statement of Stockholders' Equity
shannon macias: Shannon Macias:
Statement Date Common Stock Retained Earnings Total
Balances, January 1, 2020 - 0
Issued Common Stock - 0
- 0
- 0
- 0
Balances, December 31, 2020 - 0 - 0 - 0
BS
M4 Engineering, Inc.
Balance Sheet
shannon macias: Shannon Macias:
Statement Date ASSETS LIABILITIES
Cu
ent Assets: Cu
ent Liabilities:
Total Cu
ent Assets - 0 Total Cu
ent Liabilities - 0
Property, Plant & Equipment Stockholders' Equity
Total Stockholders' Equity - 0
Total Property, Plant & Equipment - 0
Total Assets - 0 Total Liabilities & Stockholders' Equity - 0
General Journal
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 $.
GENERAL JOURNAL Page
Date Description Post ref Debit Credit
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
T Accounts
110,300 = 110,300
ASSETS = LIABILITIES + EQUITY
Cash Supplies Accounts Payable Common Stock Retained Earnings Depreciation Exp. Utility Expense
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
15,000 750 5,000 25,000 17,500 2,000 6,200
750 5,000 25,000 17,500 2,000 6,200
Building Notes Payable Dividends Fees Earned Rent Expense
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
100,000 12,000 3,000 80,000 18,000
15,000 100,000 12,000 3,000 80,000 18,000
Accounts Receivable Accum. Depreciation
Dr. Cr. Dr. Cr.
10,000 15,450
10,000 15,450
Post-Closing TB
Ch. 4 Classwork - Financial Statements and Closing Entries
M4 Engineering, Inc.
Post-Closing Trial Balance
For the Year Ended December 31, 2020
Account Name Debit Credit
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 - 0 - 0