The following account balances appeared in the adjusted trial balance of Cortes Painting…
- March 05, 2021/ Questions
The following account balances appeared in the adjusted trial balance of Cortes Painting Constructors at Dec 31, 2019. Cortes closes its book annually at December 31. Edward Cortes Capital (Dec 31, 2018) 27,200 Edward Cortes Drawing 18,000 Painting Fees earned 163,300 Painting & Supplies Expense 27,500 Accumulated Depreciation: Painting Equipment 3,000 Salaries expense 66,800 Rent expense 9,600 Advertising expense 3,200 Depreciation expense: Painting equipment 1,200 Insurance expense 12,000 Painting equipment 7,200 Prepare the year-end closing entries for Cortes Painting Contractors, using the data given above.How do we determine the balance in the Owner’s Capital account that should appear in the balance sheet dated December 31, 2019?