Question 14Hadi Maintenance Company's adjusted trial balance at the end of 31 December, its accounting period is shown below:Hadi Maintenance CompanyAdjusted Trial BalanceDecember 31DebitCreditCash23,500Accounts receivable13,000Office supplies6,000Office equipment29,600Accumulated depreciation-OfficeequipmentLong-term notes payable5,00024,50026,160Hadi, Capital1,000Hadi, Withdrawals73,000Fees earnedSalaries expense32,80016,000Rent expense3,960Depreciation expense-Office equipment2,800Office supplies expense$128,660$128,660Totals Given the above information, prepare the following:a. The necessary closing entriesDr. Equipment 10,00010,000Example of Answer:Cr. Cashb. How much is the ending capital after the closing process? (Show your calculations)

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Description: Question 14Hadi Maintenance Company's adjusted trial balance at the end of 31 December, its accounting period is shown below:Hadi Maintenance CompanyAdjusted Trial BalanceDecember 31DebitCreditCash23,500Accounts receivable13,000Office supplies6,000O

Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…

Business

Accounting

Given the above information, prepare the following: a. The necessary closing entries Example of Answer: Dr. Equipment 10,000 Cr. Cash 10,000 b. How much is the ending capital after the closing process? (Show your calculations)

Given the above information, prepare the following: a. The necessary closing entries Example of Answer: Dr. Equipment 10,000 Cr. Cash 10,000 b. How much is the ending capital after the closing process? (Show your calculations)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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