points) The following selected information is taken from the records of Winston-

Question

points) The following selected information is taken from the records of Winston-Salem, Inc. Rent Expense Accounts Payable 20,000 Accounts Receivable Calculate the total amounts for: Fees Earned 5,000 Wages Expense 110,000 Expenses Prepaid insurance. 55,000 Dividends 4.000 Assets Supplies 300 Utilities Expense .........................2.000 Unearned Fees Net Income Revenue Notes 100,000 Payable. 12.000 Liabilities Problem 4 (12 points) Place a check in the appropriate columns: On Post-closing Financial Statement Normal Balance Balance Sheet Income Statement Credit Yes Accounts Payable Supplies Wages expense Fees earned

Explanation / Answer

P-3 Details of Expenses Amt $ Rent Expenses            20,000 Wages Expenses            55,000 Utilities Expense               2,000 Total Expenses            77,000 Details of Assets   Amt $ Accounts Receivable               5,000 Prepaid Insurance               4,000 Supplies                  500 Cash          100,000 Total Assets          109,500 Details of Revenue Amt $ Fees Earned            110,000 Total Revenue          110,000 Details of Net Income Amt $ Total Revenue          110,000 Less : Total Expenses            77,000 Net Income            33,000 Details Of Liabilities Amt $ Accounts Payable               1,000 Unearned Fees               3,000 Notes Payable            12,000 Total Liabilities            16,000 P-4 Financial Statement   Normal Balance On Post Closing Trial Balance Accounts Balance sheet Income Statement Debit Credit Yes No Accounts Payable Supplies Wages Expenses Fees Earned

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