Mathematics
Mathematics, 23.06.2020 10:57, autumnskye1

These items are taken from the financial statements of Sean McCann, CPA for 2019. Sean McCann, capital 1/1/19 $106,000 Sean McCann, Drawing 10,000 Equipment 130,000 Accumulated depreciation (equip) 32,000 Accounts payable 10,600 Cash 33,800 Supplies 7,000 Salaries payable 6,000 Fees earned 136,000 Salaries expense 66,000 Rent expense 14,200 Supplies expense 1,600 Depreciation expense 4,000 Utilities expense 2,400 Accounts receivable 28,000 Mortgage payable (due 12/31/35) 6,400 Instructions: 1. Prepare the journal entries to close your temporary accounts. (Hint: The temporary accounts are revenues, expenses and the drawing account) Date Description Debit Credit 2. Prepare an income statement and a statement of owner’s equity for the year ended December 31, 2019 and a classified balance sheet as of December 31, 2019. Sean McCann, CPA Income Statement For year ended 12/30/19 Sean McCann, CPA Statement of Owner’s Equity For Period Ended 12/31/19 Sean McCann, CPA Balance Sheet For Period Ended 12/30/19

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These items are taken from the financial statements of Sean McCann, CPA for 2019. Sean McCann, capit...

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