all adjusting entries were? Cash $35,000
Inventory $29,000
Supplies $8,500
Prepaid rent $7,000
Equipment $83,900
Accumulated depreciation ($17,400)
Accounts payable $41,220
Wages payable $10,500
Owners' equity $50,000
Sales revenue $99,000
Cost of goods sold $21,000
Wages expense $15,000
Utilies expense $1,020
Depreciation expense $3,200
Insurance expense $1,000
Supplies expense $1,500
Rent expense $12,000
a. Please post both closing entries that will be done at the end of the year.
b. What is the ending owners' equity balance?
Please use the following format when recording your closing entries:
Debit account name $X
Credit account name $X
Inventory $29,000
Supplies $8,500
Prepaid rent $7,000
Equipment $83,900
Accumulated depreciation ($17,400)
Accounts payable $41,220
Wages payable $10,500
Owners' equity $50,000
Sales revenue $99,000
Cost of goods sold $21,000
Wages expense $15,000
Utilies expense $1,020
Depreciation expense $3,200
Insurance expense $1,000
Supplies expense $1,500
Rent expense $12,000
a. Please post both closing entries that will be done at the end of the year.
b. What is the ending owners' equity balance?
Please use the following format when recording your closing entries:
Debit account name $X
Credit account name $X