Constantino Company presented the following general ledger account balances for the month ended December 31, 2005.
|
Assets: |
|
|
Cash |
20,600 |
|
Accounts Receivable |
2,250 |
|
Equipment |
11,000 |
|
Total Assets |
33,850 |
|
Liabilities: |
|
|
Wages Payable |
250 |
|
Payable to Internet Service |
35 |
|
Notes Payable |
17,000 |
|
Total Liabilities |
17,285 |
|
Owners’ Equity: |
|
|
Contributed Capital |
13,000 |
|
Retained Earnings |
1,000 |
|
Service Revenue |
3,315 |
|
Rent Expense |
400 |
|
Wages Expense |
315 |
|
Internet Service Expense |
35 |
|
Total Owners’ Equity |
16,565 |
a. Close the books for Constantino Company.
b. Prepare a post closing summary of account balances similar to Exhibit 13.