Section 1 Question 1: Alwali Company ended its fiscal year on December 31 2020. The company's adjusted trial balance as

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Section 1 Question 1: Alwali Company ended its fiscal year on December 31 2020. The company's adjusted trial balance as of the end of its fiscal year is as shown below. No Account title Debit Credit 101 Cash 4360000 112 Accounts Receivable 2480000 157 Equipment 4240000 167 Accumulated Depreciation - Equip 2160000 201 Accounts Payable 1120000 208 Unearned revenues 480000 301 Owner's capital 12680000 306 Owner's drawings 4800000 404 Service revenues 16960000 429 rent revenues 2440000 711 Depreciation expense 1080000 720 Salaries and wages expense 14840000 732 Utilities expense 4040000 35840000 35840000 Instructions: a) Prepare closing entries in general Journal on 31st of December 2020 Account title No Debit Credit Date 31/12/ 2020 31/12/ 2020 31/12/ 2020 31/12/ 2020 b) post to Owner's capital and No. 350 Income summary c) Prepare post-closing trial balance d) The accounting cycle is important in understanding the accounting process, Instructions: Write a memo that lists the steps of

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a) Date Account Title Debit Credit 31/12/2020 Service Revenue 16,960,000 Rent Revenue 2,440,000 Income Summary 19,400,000 31/12/2020 Income Summary 19,960,000 Depreciation Expense 1,080,000 Salaries and Wages Expense 14,840,000 Utilities Expense 4,040,000 31/12/2020 Owner's Capital 560,000 Income Summary 560,000 31/12/2020 Owner's Capital 4,800,000 Owner's Drawings 4,800,000 b) Account No 301 Debit Credit Balance 31/12/2020 Unadjusted Balance 12,680,000 12,680,000 Income Summary 560,000 12,120,000 Owner's Drawings 4,800,000 7,320,000 c) No. Account Title Debit Credit 101 Cash 4,360,000 112 Accounts Receivable 2,480,000 157 Equipment 4,240,000 167 Accumulated Depreciation - Equip. 2,160,000 201 Accounts Payable 1,120,000 208 Unearned Revenue 480,000 301 Owner's Capital 7,320,000 Total 11,080,000 11,080,000

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Section 1 Question 1: Alwali Company ended its fiscal year on December 31 2020

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a)	Date	Account Title	Debit	Credit
	31/12/2020	Service Revenue	16,960,000
		Rent Revenue	2,440,000
		Income Summary		19,400,000

	31/12/2020	Income Summary	19,960,000
		Depreciation Expense		1,080,000
		Salaries and Wages Expense		14,840,000
		Utilities Expense		4,040,000

	31/12/2020	Owner's Capital	560,000
		Income Summary		560,000

	31/12/2020	Owner's Capital	4,800,000
		Owner's Drawings		4,800,000

b)		Account No 301	Debit	Credit	Balance
	31/12/2020	Unadjusted Balance		12,680,000	12,680,000
		Income Summary	560,000		12,120,000
		Owner's Drawings	4,800,000		7,320,000


c)	No.	Account Title	Debit	Credit
	101	Cash	4,360,000
	112	Accounts Receivable	2,480,000
	157	Equipment	4,240,000
	167	Accumulated Depreciation - Equip.		2,160,000
	201	Accounts Payable		1,120,000
	208	Unearned Revenue		480,000
	301	Owner's Capital		7,320,000
		Total	11,080,000	11,080,000