Question

$ . % Merge & Center - .000 Formatting Table SIU. . . A. Number Styles Alignment Font Prepare financial statements for the month ending January 31, 2019. (Income Statement, Statement of Retained Earnings, Classified Balance Sheet). Formatting is important and will be graded so be sure you use dollar signs and underlines as appropriate. Also be sure you have headings and proper column usage for all statements. There is a tab for these statements. Heading are PARTIALLY completed for the 3 statements. Prepare closing entries for the end of the period Copy the Worksheet from the Worksheet tab to the Worksheet formulas tab and the Financial Statements from the Financial Statements tab to the Financial Statements tab. Highlight the entire worksheet/financial statements area respecively and press the "ctrl" key and the "_" key. This will cause the formulas used to display instead of the numbers. Save your file with the formulas displayed. Each student must submit an ORIGINAL excel file that is their own work. While students are encouraged to work together, each student must process and format his/her own set of excel worksheets. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. And possibly other consequesces as stated inthe University Integrity policies. Submissions will NOT be accepted via email attachment. Submission to other than the correct El Aud.. info E ADJUSTING JE CLOSING JE Worksheet statements worksheet formulas financ ... 4

Answer 1

Closing entries:

Date	Account title and explantion	Debit	Credit
Jan 31,2019	Service revenue	29,680
	Income summary		29,680
	[To close revenue accounts]
Jan 31,2019	Income Summary	20,645
	Salaries expense		6,125
	Rent expense		675
	Supplies expense		11,120
	Utilities expense		2,340
	Interest expense		65
	Depreciation expense, Comp Equip		185
	Depreciation expense, Office Furniture		135
	[To close expenses accounts]
Jan 31,2019	Income summary [29,680-20,645]	9,035
	Retained earnings		9,035
	[To close income summary account]
Jan 31,2019	Retained earnings	2,000
	Dividends		2,000
	[To close dividends account]