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Prepare closing entries from the following work sheet.
Lakendra Enterprises
Worksheet
For the Year Ended December 31, 2010
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Adjusted Trial Balance
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Income Statement
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Balance Sheet
|
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Account Title
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Debit
|
Credit
|
Debit
|
Credit
|
Debit
|
Credit
|
|
Cash
|
26,500
|
|
|
|
26,500
|
|
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Accounts Receivable
|
7,000
|
|
|
|
7,000
|
|
|
Supplies
|
1,000
|
|
|
|
1,000
|
|
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Equipment
|
18,500
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|
|
|
18,500
|
|
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Accumulated Depr Equip
|
|
5,000
|
|
|
|
5,000
|
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Accounts Payable
|
|
11,000
|
|
|
|
11,000
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Wages Payable
|
|
1,000
|
|
|
|
1,000
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Lakendra Thomas, Capital
|
|
8,000
|
|
|
|
8,000
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Lakendra Thomas, Drawing
|
2,000
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|
|
|
2,000
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|
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Fees Earned
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|
59,500
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|
59,500
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|
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Wages Expense
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19,000
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|
19,000
|
|
|
|
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Rent Expense
|
7,000
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|
7,000
|
|
|
|
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Depreciation Expense
|
3,500
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|
3,500
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|
|
|
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Totals
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84,500
|
84,500
|
29,500
|
59,500
|
55,000
|
25,000
|
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Net Income (Loss)
|
|
|
30,000
|
|
|
30,000
|
|
|
|
|
59,500
|
59,500
|
55,000
|
55,000
|
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