Reference no: EM132913031
Question - Susan White has her own business as a performer at children's birthday parties. She can dress up and perform as a clown, or she can perform as a magician. Kids love her. Her business is set up as a sole proprietorship with a fiscal year end of June 30. Below are account balances as of June 30, 2003, in ALPHABETICAL order.
Balance Account at year end
Cash 1,750
A/R 425
Supplies 1,657
Equipment 2,700
Automobile 8,500
Accumulated Depreciation 4,500
A/P 2,950
Unearned revenue 550
Capital -- Susan White 6,319
Withdrawals - Susan White 23,500
Magician revenue 18,335
Clown revenue 7,950
Miscellaneous revenue 770
Advertising Expense 890
Depreciation Expense (Auto) 550
Supplies Expense 252
Miscellaneous expense 665
Wardrobe expense 485
REQUIRED -
a) Please prepare CLOSING journal entries for year end?
b) Prepare a post-closing Trial Balance as of June 30, 2003.
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