Question 6 The following is Ivanhoe Cycle Repair Shop's trial balance at January 31, 2017, the company's fiscal year e...

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you Closing Entries: Adjusting Entries: Event Credit Event Credit Account Debit Account Debit $ 4,280 Insurance Expense 246,850 1 c1 Service Revenue Prepaid Insurance $6,420/12 8 Income Summary $246,850 4,280 $ 159,479 Income Summary c2 $ 125,200 Salaries Expense 2 Supplies Expense 3,930 $ Utilities Expense 12,000 Supplies $5,240-$1,310 3,930 Interest Expense 7,269 Insurance Expense 4,280 Depreciation Expense Accumulated Depreciation-Building Accumulated Depreciation-Equipment ($190,000/50 Years), ($27,000/9 Years) 6,800 Supplies Expense Depreciation Expense 3,930 3,800 6,800 3,000 $ 87,371 Income Summary c3 H Dube, Capital 87,371 Interest Expense 4 759 $ H Dube Capital $98,100 Interest Payable 759 c4 $182,200*5% *1/12 98,100 H Dube withdrawals 5 Unearned Revenue 1,300 Service Revenue 1,300 Adjusted Trial Balance: Unadjusted Adjustments Adjusted Debit Credit Debit Credit Debit Credit Cash S 3,400 3,400 Accounts Receivable 6,650 6,650 $ 4,280 $ Prepaid Insurance 6,420 2,140 3,930 $ Supplies 5,240 1,310 $ 53,000 S 53,000 $190,000 Land $190,000 Building Accumulated Depreciation-Build ing $ 3.800 $ 11,000 14,800 $ 27,000 Equipment 27,000 Accumulated Depreciation-Equipment $ 7,500 4,500 3,000 7,300 21,970 $ Accounts Payable 7,300 Unearned Revenue 1,300 20,670 $ Interest Payable 759 759 $ 182,200 Mortgage Payable H. Dude Capital $ 182,200 $ 61,000 61,000 H. Dude Drawing $98,100 $ 98,100 $ 1,300 $245,550 246,850 Service Revenue $ 125,200 $ 125.200 Salaries Expense $ 12,000 6,510 $12,000 Utilities Expense $ $ Interest Expense 7,269 759 $ 4,280 Insurance Expense 4,280 Supplies Expense 3,930 3,930 Depreciation Expense 6,800 6,800 Total 533,520 533,520 $ 17,069 17,069 $541,079 $ 541,079

Income Statement: $ 246,850 Service Revenue Less: Expense $125,200 $ 12,000 Salaries Expense Utilities Expense Interest Expense 7,269 Insurance Expense 4,280 $3,930 Supplies Expense Depreciation Expense 6,800 $ (159,479) $ 87,371 Total Operating Expense Net Income Statement of owner's capital: $ 56,000 Beginning Balance $ Add: New Investment 5,000 $ 87,371 $ (98,100) $50,271 Add: Net Income Less: Drawing Ending Balance Balance Sheet: Assets: Current Assets $ Cash 3,400 Accounts Receivable 6,650 $ Prepaid Insurance 2,140 Supplies 1,310 $ 13,500 $53,000 Total current Assets Land $ 190,000 (14,800) 175,200 $ 27,000 $ (7,500) 19,500 $ 261,200 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation- Equipment Total Assets Liabilities and Stockholder's Equity: Current liabilities: Accounts Payable 7,300 $ 20,670 Unearned Revenue Interest Payable 759 Current portion of mortgage payable 4,500 Total Current liabilities 33,229 Mortgage Payable $177,700 $ 210,929 Total Liabilities Owner's Capital: H.

Dude Capital 50,271 $ 261,200 Total Liabilities and Stockholder's Equity