Question

I need assistance in completing the Balance Sheet and Closing Entries to the following Adjusted Trial Balance:

DESCRIPTION	DEBIT	CREDIT
CASH	$ 319,620
DEPOSIT ELECTRIC COMPANY	$          500
DEPOSIT WATER SEWER GARBAGE	$          200
DEPOSIT TELEPHONE	$          250
OFFICE SUPPLIES	$          500
PREPAID INSURANCE	$      3,600
PREPAID LEASE	$    11,000
MACHINERY & EQUIPMENT	$ 100,000
FURNITURE & FIXTURES	$    20,000
ACCUMULATED DEPRECIATION - FURNITURE & FIXTURES		$             167
ACCUMULATED DEPRECIATION - MACHINERY & EQUIPMENT		$         1,190
ACCOUNTS PAYABLE		$         1,200
UNEARNED REVENUE		$       50,000
NOTES PAYABLE - FURNITURE & FIXTURES		$       20,000
NOTES PAYABLE - MACHINERY & EQUIPMENT		$       90,000
CAPITAL STOCK		$     300,000
WAGES PAYABLE		$       450.00
ACCOUNTING & LEGAL EXPENSE	$      2,500
INDEPENDENT CONTRACTOR	$          900
UTILITIES EXPENSE	$          430
SUPPLIES EXPENSE	$          700
DEPRECIATION - FURNITURE & FIXTURES	$          167
DEPRECIATION - MACHINERY & EQUIPMENT	$      1,190
LEASE EXPENSE	$      1,000
INDEPENDENT CONTRACTOR	$          450
	$ 463,007	$     463,007

Answer 1

Revenue Bella Computers Income Statement For the period ended June 30, 2020 Particulars Amount Amount Revenue Less: Expense Accounting & Legal Expense $2,500 Independent Contractor $1,350 Utilities Expense $430 Supplies Expense $700 Depreciation - Furniture & Fixtures $167 Depreciation - Machinery & Equipment $1,190 Lease Expense $1,000 Total Expense $7,337 Net Income/(Loss) -$7,337 Bella Computers Balance Sheet June 30, 2020 Liabilities Current Liabilites $3,19,620 Accounts Payable $500 Unearned Revenue $200 Wages Payable $250 Total Current Liabilites $500 Non - Current Liabilities $3,600 Notes Payable - Furniture & Fixtures $11,000 Notes Payable - Machinery & Equipment $3,35,670 Total Non - Current Liabilites Total Liabilities Assets Current Assets Cash Deposit Electric Company Deposit Water Sewer Garbage Deposit Telephone Office Supplies Prepaid Insurance Prepaid Lease Total Current Assets $1,200 $50,000 $450 $51,650 $20,000 $90,000 $1,10,000 $1,61,650 Property, Plant & Equipment Machinery & Equipment Less: Accumulated Depreciation - Machinery & Equipment Furniture & Fixtures Less: Accumulated Depreciation - Machinery & Equipment Property, Plant & Equipment Total Assets $1,00,000 -$1,190 $20,000 -$167 $3,00,000 -$7,337 Stockholders' Equity $98,810 Capital Stock Retained Earnings $19,833 Total Stockholders' Equity $1,18,643 $4,54,313 Total Liabilities and Stockholders' Equity $2,92,663 $4,54,313

Closing Entry Date Account Title Jun 30, 2020 Income Summary Accounting & Legal Expense Independent Contractor Utilities Expense Supplies Expense Depreciation - Furniture & Fixtures Depreciation - Machinery & Equipment Lease Expense (To close the expense account) Jun 30, 2020 Retained Earnings Income Summary (To transfer the loss to retained earnings) Debit Credit $7,337 $2,500 $1,350 $430 $700 $167 $1,190 $1,000 $7,337 $7,337