Presented below is an adjusted trial balance for Cowell Company, at December 31, 2019 Cash €20,000 Accounts payable

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Presented below is an adjusted trial balance for Cowell Company, at December 31, 2019 Cash €20,000 Accounts payable €10,000 Accounts receivable 18,000 Notes payable 9,000 Prepaid insurance 15,000 Acc. depreciation--Equipment 3,000 equipment 14,000 Sales Revenues 32,000 Depreciation expense 7,000 Service revenue 10,000 Dividends 8,000 Retained earnings 15,000 Advertising expense 1,200 Unearned service revenue 12,000 Rent expense 800 Share capital-ordinary 12,000 Salaries and wages expense 5,000 Insurance expense 2.000 Cost of goods Sold Total €103,000 12.000 €103,000 Required Prepare closing entries for December 31, 2019.1 Prepare Classified Statement of Balance Sheet 2

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Adjusting Entries: Cowell Company General Journal Date Accounts Debit Credit 31-Dec-19 Profit and loss account 28,000 Advertsing expense 1,200 Rent expense 800 Salaries and wages expense 5,000 Insurance expense 2,000 Depreciation expense 7,000 Cost of goods sold 12,000 (To close all the expenses account) 31-Dec-19 Sales revenue 32,000 Service Revenue 10,000 Profit and loss account 42,000 (To close all the revenue accounts) 31-Dec-19 Profit and loss account 14,000 Retained earnings 14,000 (To transfer profit for the year) 31-Dec-19 Retained earnings 8,000 Dividends 8,000 (To adjust dividend with the retained earnings) Classified Balance Sheet: Cowell Company Balance Sheet As at 31 Dec 2019 Current assets: Cash 20,000 Accounts receivables 18,000 Prepaid insurance 15,000 Total current assets 53,000 Non-current assets: Equipment 14,000 Accumulated depreciation-Equipment -3,000 Total non current assets 11,000 Total assets 64,000 Current liabilities: Accounts payables 10,000 Notes payables 9,000 Unearned service revenue 12,000 Total current liabilities 31,000 Non current liabilities - Total liabilities 31,000 Equity: Share capital 12,000 Retained earnings 21,000 Total equity 33,000 Total equity and liabilities 64,000 Workings: Balance of retained earnings 15,000 Profit for the year 14,000 Dividends -8,000 Enfing balance of retained earnings 21,000

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Presented below is an adjusted trial balance for Cowell Company, at December 31, 2019 Cash €20,000 Accounts payable €10,000 Accounts receivable 18,000 Notes payable 9,000 Prepaid insurance 15,000 Acc

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Cowell Company
General Journal
Date	Accounts	Debit	Credit
31-Dec-19	Profit and loss account	28,000
	Advertsing expense		1,200
	Rent expense		800
	Salaries and wages expense		5,000
	Insurance expense		2,000
	Depreciation expense		7,000
	Cost of goods sold		12,000
	(To close all the expenses account)

31-Dec-19	Sales revenue	32,000
	Service Revenue	10,000
	Profit and loss account		42,000
	(To close all the revenue accounts)

31-Dec-19	Profit and loss account	14,000
	Retained earnings		14,000
	(To transfer profit for the year)

31-Dec-19	Retained earnings	8,000
	Dividends		8,000
	(To adjust dividend with the retained earnings)

Cowell Company
Balance Sheet
As at 31 Dec 2019
Current assets:
Cash	20,000
Accounts receivables	18,000
Prepaid insurance	15,000
Total current assets		53,000

Non-current assets:
Equipment	14,000
Accumulated depreciation-Equipment	-3,000
Total non current assets		11,000
Total assets		64,000

Current liabilities:
Accounts payables	10,000
Notes payables	9,000
Unearned service revenue	12,000
Total current liabilities		31,000
Non current liabilities		-
Total liabilities		31,000

Equity:
Share capital	12,000
Retained earnings	21,000
Total equity		33,000
Total equity and liabilities		64,000

Balance of retained earnings	15,000
Profit for the year	14,000
Dividends	-8,000
Enfing balance of retained earnings	21,000