Answer Happy

Financial Statements and Closing Entries Outdoors, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31. OUTDOORS, INC. Adjusted Trial Balance December 31 Debit Credit Cash $7,560 Accounts Receivable 26,040 Supplies 5,880 Prepaid Insurance 1,302 Office Equipment 92,400 Accum. Depr. - Equipment $18,200 Accounts Payable 16,940 Unearned Subscription Revenue 14,000 Salaries Payable 4,900 Common Stock 35,000 Retained Earnings 32,508 Subscription Revenue 263,620 Advertising Revenue 69,580 Salaries Expense 168,322 Printing and Mailing Expense Rent Expense 12,320 Supplies Expense 8,540 Insurance Expense 2,604 Depreciation Expense 7,700 Income Tax Expense 2,240 $454,748 $454,748 119,840 Totals
Financial Statements and Closing Entries Outdoors, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31. OUTDOORS, INC. Adjusted Trial Balance December 31 Debit Credit Cash $7,560 Accounts Receivable 26,040 Supplies 5,880 Prepaid Insurance 1,302 Office Equipment 92,400 Accum. Depr. - Equipment $18,200 Accounts Payable 16,940 Unearned Subscription Revenue 14,000 Salaries Payable 4,900 Common Stock 35,000 Retained Earnings 32,508 Subscription Revenue 263,620 Advertising Revenue 69,580 Salaries Expense 168,322 Printing and Mailing Expense Rent Expense 12,320 Supplies Expense 8,540 Insurance Expense 2,604 Depreciation Expense 7,700 Income Tax Expense 2,240 $454,748 $454,748 119,840 Totals
Required a. Prepare an income statement and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form. Income Statement Balance Sheet Journal Entries NOTE: Do not use negative signs with answers, unless otherwise noted (such as accumulated depreciation). OUTDOORS, INC. Income Statement For Year Ended December 31 Revenue Subscription Revenue $ Advertising Revenue Total Revenue Expenses Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Income Tax Expense Total Expenses Net Income $
Income Statement Balance Sheet Journal Entries OUTDOORS, INC. Balance Sheet December 31 Assets Cash ta $ $ Accounts Receivable Liabilities Accounts Payable Unearned Subscription Revenue Salaries Payable Total Liabilities Supplies Prepaid Insurance Office Equipment Less: Accum. Depr. - Equipment (enter as a negative) Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ Total Assets $
Income Statement Balance Sheet Journal Entries General Journal Description Date Debit Credit Dec 31 $ $ Advertising Revenue To close the Revenue account. 31 Salaries Expense Printing and Mailing Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Income Tax Expense To close the expense accounts.
Accounts Payable Accounts Receivable - Accum. Depr. - Equipment Advertising Revenue Cash Depreciation Expense Equipment Income Tax Expense Insurance Expense Long - Term Notes Payable Prepaid Insurance Printing and Mailing Expense Rent Expense Retained Earnings Salaries Expense Subscription Revenue Supplies Supplies Expense