BUSINESS

BUSINESS
1) The following is the adjusted trial balance from the worksheet for Selfie Photos.

Selfie Photos
Worksheet
For the Year Ended December 31, 2014

Accounts Debit Credit

Cash $15,000

Accounts receivable 30,000

Prepaid insurance 7,500

Office supplies 3,200

Land 40,000

Building 160,000

Accumulated depreciation $12,000
Equipment 75,000

Accumulated depreciation 8,500
Accounts payable 12,000
Salaries payable 2,000
Unearned service revenue 25,000
Mortgage payable 100,000
Selfie, capital 21,290
Selfie, drawing 23,000

Service revenue 289,000
Salaries expense 61,000

Depreciation expense 6,150

Supplies expense 14,040

Insurance expense 14,000

Utilities expense 20,900

$469,790 $469,790

a. Using the information from the worksheet above, prepare the closing entry for Revenues.
b.Using the information from the worksheet above, prepare the closing entry for Expenses.
c.Using the information from the worksheet above, prepare the closing entry for the Income summary account.
d.Using the information from the worksheet above, prepare the closing entry for Drawing.
e.Using the information provided in the worksheet above, prepare an income statement for Selfie Photos.
f.Using the information from the worksheet above, prepare a statement of owner’s equity for Selfie Photos.
g.Using the information from the worksheet above, prepare a balance sheet for Selfie Photos.

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