Reference no: EM13858625

Preparing a worksheet, financial statements, and closing entries

The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows:

Account Title	Balance Debit                      Credit
Cash	32,000
Accounts Receivable	46,000
Office Supplies	3,000
Equipment	25,000
Accumulated Depredation-Equipment		$         11,000
Accounts Payable		15,000
Salaries Payable
Unearned Revenue		2,000
Notes Payable (long-term)		19,000
Fugazy, Capital		38,000
Fugazy, Withdrawals	30,000
Service Revenue		97,000
Insurance Expense	2,000
Salaries Expense	32,000
Supplies Expense
Interest Expense	3,000
Rent Expense	9,000
Depreciation Expense-Equipment
Total	S 182,000	5 182,000

Requirements

1. Prepare a worksheet for Fugazy Investment Advisers at December 31, 2014.

2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year.

3. Prepare closing journal entries.

Learning Objectives:

Total Assets $91,000