The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows.

Account Name Balance
Cash 6,800
Accounts Receivable 1,800
Supplies 1,650
Prepaid Insurance 680
Equipment 16,000
Accumulated Depreciation–Equipment 3,050
Accounts Payable 3,000
Roger Dye, Capital 14,700
Roger Dye, Drawing 3,300
Fees Income 15,300
Supplies Expense 730
Insurance Expense 580
Depreciation Expense–Equipment 530
Salaries Expense 3,000
Utilities Expense 980

Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.

See explanation section

Explanation:

Requirement A

Balance Sheet and Income Statement = See image below

Requirement B

                                RD Consulting

                               Closing Entries

December 31  Fees Income      Debit      15,300

                        Income Summary        Credit         15,300

(To close the revenues)

December 31  Income Summary      Debit           $5,820

                        Supplies Expense                          Credit         $730

                        Insurance Expense                        Credit            580

                  Depreciation Expense–Equipment    Credit            530

                        Salaries Expense                            Credit         3,000

                        Utilities Expense                            Credit            980

(To close the expenses)

December 31  Income Summary      Debit      $9,480

                        Roger Dye, Capital        Credit         $9,480

($15,300 - 5,820) = $9,480

(To close income summary to capital)

December 31    Roger Dye, Capital    Debit   3,300  

                         Roger Dye, Drawing      Credit     3,300

(To close the drawings to capital)

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