prepare closing entries for december 31 2021 determine the balance in g yogi s capit 4404861

The adjusted account balances of Yogi Company at December 31, 2021 are as follows:

Accounts receivable Notes receivable Prepaid Insurance Machinery Depreciation expense G. Yogi , drawings Promotion expense Rent expense Salary expense Insurance expense

Instructions

a) b) c)

$16,000 13,000 6,000

Bank overdraft $14,000 Accounts payable 6,000 Notes payable 10,000

50,000 Accumulated depreciation-7,000 machinery 16,000 4,500 Service revenue 29,000 600 Interest revenue 2,000 3,000 G. Yogi , capital 18,000 10,200 Unearned revenue 16,000 700 5111.000

Prepare closing entries for December 31, 2021. Determine the balance in G. Yogi’s capital account after the entries have been posted. Prepare a post-closing trial balance at December 31, 2021.

S111010

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