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The adjusted trial balance for DVD Concepts at December 31, 2017, as follows: DVD CONCEPTS Adjusted...

The adjusted trial balance for DVD Concepts at December 31, 2017, as follows:

DVD CONCEPTS

Adjusted Trial Balance

Year Ended December 31, 2017

                                                                             

Accounts                                                                      Debit                     Credit

Cash                                                                         $    8,000

Accounts Receivable                                                 16,000

Supplies                                                                          6,000

Prepaid Insurance                                                         8,000

Computer Equipment                                               210,000

Accum. Depreciation—Computer Equipment                                     $ 25,000

Accounts Payable                                                                                        20,000

Note Payable                                                                                                71,000

Salaries Payable                                                                                            3,000

J. Yan, Capital                                                                                            109,000

J. Yan, Withdrawals                                                   12,000

DVD Rental Revenue                                                                               133,000

Advertising Expense                                                  26,000

Depreciation Expense                                                12,000

Rent Expense                                                              19,000

Salaries Expense                                                        38,000

Supplies Expense                                                        6,000                                

      Totals                                                                 $361,000                $361,000

Additional Information:

  1. The owner J. Yan invested $5,000 during the year.
  2. The note payable requires a payment of principle in May 2018 in the amount of $11,000.

Required:

(a)    Prepare a Statement of Owner’s Equity for the Year ended December 31, 2017.

(b)    Prepare a classified balance sheet for DVD Concepts at December 31, 2017.

(c)     Journalize the closing entries at December 31, 2017.

Business   Accounting   
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a)

b)

c)

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