Presented Below Is an Adjusted Trial Balance for Shawn Company

question 115

Essay

Presented below is an adjusted trial balance for Shawn Company at December 31 2016. $$\begin{array} { l r l r } \text { Cash } & \$ 7,700 & \text { Accounts payable } & \$ 10,000 \\\text { Accounts receivable } & 20,000 & \text { Notes payable } & 9,000 \\\text { Prepaid insurance } & 15,000 & \text { Accumulated depreciation- } & \\\text { Equipment } & 35,000 & \text { Equipment } & 14,000 \\\text { Depreciation expense } & 7,000 & \text { Service revenue } & 29,000 \\\text { Owner's Drawings } & 1,500 & \text { Owner's capital } & 24,000 \\\text { Advertising expense } & 1,400 & \text { Unearned service revenue } & 16,000 \\\text { Rent expense } & 800 & & \\\text { Salaries and wages expense } & 12,000 & & \\\text { Insurance expense } & 1,600 & \\& \underline { 102,000 }&& \underline { 102,000 } \end{array}$$ Instructions
(a) Prepare closing entries for December 31 2016.
(b) Determine the balance in the Owner's Capital account after the entries have been posted.

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Definitions:

Latin American Markets

Refers to the economies and trading systems within countries located in Latin America, noting their unique challenges and opportunities.

Managing Employees

The act of overseeing and guiding employees' work and performance to achieve organizational goals.

Human Capital

The collective skills, knowledge, abilities, health, and motivations of individuals that contribute to their economic value in the workforce.

Tangible Asset

Physical assets that can be seen and touched, such as machinery, buildings, and inventory.