Q1. Optimum Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2010, the end of the current fiscal year, the balances of selected accounts from the ledger of Optimum Weight Co. are as follows:
|
Accounts Payable
|
$10,420
|
|
Accounts Receivable
|
25,110
|
|
Accumulated Depreciation - Equipment
|
31,360
|
|
Capital Stock
|
48,000
|
|
Cash
|
?
|
|
Equipment
|
90,650
|
|
Land
|
121,000
|
|
Prepaid Insurance
|
5,840
|
|
Prepaid Rent
|
3,650
|
|
Retained Earnings
|
161,030
|
|
Salaries Payable
|
4,060
|
|
Supplies
|
630
|
|
Unearned Fees
|
3,020
|
Prepare a classified balance sheet that includes the correct balance for Cash.
2 Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Marina Services Co.
|
Capital Stock
|
$101,000
|
|
Retained Earnings
|
380,000
|
|
Dividends
|
$6,000
|
|
Fees Earned
|
217,200
|
|
Wages Expense
|
191,900
|
|
Rent Expense
|
45,500
|
|
Supplies Expense
|
11,300
|
|
Miscellaneous Expense
|
5,200
|
Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.