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Annie Kavitha
Annie Kavitha, Teacher
Category: Homework
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Experience:  Master of Commerce
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The adjusted account balances of the Fitness Center at July

Customer Question

The adjusted account balances of the Fitness Center at July 31 are as follows:

Accounts and Account Balances

Cash $11,000 Service Revenue $100,000
Accounts Receivable 15,000 Interest Revenue 8,000
Supplies 4,000 Depreciation Expense 27,000
Prepaid Insurance 8,000 Salary Expense 35,000
Buildings 300,000 Supplies Expense 9,000
Accumulated Depreciation Utilities Expense 12,000
Buildings 120,000 Insurance Expense 6,000
Accounts Payable 9,000
Common Stock 45,000
Retained Earnings 150,000
Dividends 15,000

Instructions
1. Prepare a Balance Sheet, Income Statement and Statement of Retained Earnings
2. Prepare the end of the period closing entries for the Fitness Center
Submitted: 7 years ago.
Category: Homework
Expert:  Annie Kavitha replied 7 years ago.
Please confirm whether accounts payable is 9,000 or 19,000.
Customer: replied 7 years ago.

Sorry

 

It is 19000

Expert:  Annie Kavitha replied 7 years ago.

HelloCustomer

 

 

Click here for solution

 

 

 

 

Customer: replied 7 years ago.

Hi

 

you have not answered the second part of the question

 

2. Prepare the end of the period closing entries for the Fitness Center

Expert:  Annie Kavitha replied 7 years ago.
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