Problem 3-18A Sharpe Consulting Service Income Statement For the Year Ended December 31, 2018 Sharpe Consulting Service Statement of Stockholders' Equity For the Year Ended December 31, 2018 P3-18A requirement (b) Journal Credit Debit Accounts and Explanations Closing Entries P3-18A. Financial Statements and Closing Entries Use the information provided in P3-8A. LO5, 7 (Appendix 3A) Required a. Prepare an income statement, a statement of stockholders' equity, and a balance sheet a December 31 b. Prepare closing entries using the Income Summary account Cambridge Business Publishers 165 Chapter 3 Accrual Basis of Accounting Adjusted Trial Balance Credit Debit Cash.. Accounts receivable Supplies Prepaid insurance. Equipment Accumulated depreciation-Equipment Accounts payable.. Long-term notes payable Common stock. Retained earnings Dividends.. $ 2,900 3,270 5,060 1,500 6,400 $1,080 845 7,200 2,800 5,205 2,900 Service fees earned 62,600 Rent expense.. Salaries expense Supplies expense. Insurance expense Depreciation expense-Equipment Interest expense. 15,500 33,400 4,200 3,250 720 630 $79,730 $79,730 Totals Required Prepare sheet as of December 31. an income statement and a statement of stockholders' equity for the year, and a balance a. b. Prepare closing entries directly to Retained Earnings in general journal form. m Sunndu02 UL pOua 5, 6 P3-8A. Financial Statements and Closing Entries The adjusted trial balance shown below is for Sharpe capital contributions during the year Consulting Service as of December 31. Byran Sharpe made no
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