Vang Management Services began business on January 1

Vang Management Services began business on January 1, 2019, with a capital investment of $120,000. the company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows.

Vang Management Services
Worksheet
For the Year Ended December 31, 2019

Instructions

Prepare a complete worksheet.
Prepare a classified balance sheet.(Note: $30,000 of the mortgagenotes payable is due for payment next year.)
Journalize the adjusting entries.
Journalize the closing entries.
Prepare a post-closing trial balance.

Solution

Vang Management Services
Worksheet
For the Year Ended December 31, 2019

Vang Management Services
Balance Sheet
December 31, 2019

Vang Management Services
Adjusting Journal Entries

Vang Management Services
Closing Journal Entries

Vang Management Services
Post-Closing Trial Balance
December 31, 2019

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Problem-4: Completing the Accounting Cycle

Instructions

Solution

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