Aquilera Auto Body, owned by Ms. K. Aguilera performs custom fabrication and bod
ID: 2396216 • Letter: A
Question
Aquilera Auto Body, owned by Ms. K. Aguilera performs custom fabrication and body work on high performance import autos. Below is her Adjusted Trial Balance for the month ending June 30, 2009
Aguilera Auto Body
Adjusted Trial Balance
June 30, 2009
Cash
$53,000
Prepaid Rent
4,000
Inventory
125,000
Supplies
1,200
Tow Truck
23,000
Accumulated Depreciation-Tow Truck
$2,500
Accounts Payable
83,900
Notes Payable
45,000
K. Aguilera - Capital
75,610
K. Aguilera-Withdrawals
2,000
Sales
41,000
Rent Expense
1,600
Supplies Expense
800
Utilities Expense
945
Depreciation Expense-Truck
500
What amount would be used to prepare the first closing entry for Aguilera Auto Body?
$2,000
$41,000
$3,845
None of the other answers
$53,000
Aguilera Auto Body
Adjusted Trial Balance
June 30, 2009
Cash
$53,000
Prepaid Rent
4,000
Inventory
125,000
Supplies
1,200
Tow Truck
23,000
Accumulated Depreciation-Tow Truck
$2,500
Accounts Payable
83,900
Notes Payable
45,000
K. Aguilera - Capital
75,610
K. Aguilera-Withdrawals
2,000
Sales
41,000
Rent Expense
1,600
Supplies Expense
800
Utilities Expense
945
Depreciation Expense-Truck
500
Explanation / Answer
First closing entry is closing revenue in income summary account ;
So answer is b) $41000
Date account & explanation debit credit Sales 41000 Income summary 41000Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.