Balance sheet

Current Assets
Cash $40,800
Accounts Receivable $9,000
Supplies $3,600

Prepaid Insurance $8,400

Total Current Assets $61,800

Property ,plant and equipments
Machinery $84,000
Less:Accumulated Depreciation—Machinery -1,200 82,800
Total Assets 144,600

Current Liabilities
Accounts Payable 13,500
Total current liabities 13,500

Owner's equity
Helen Kennedy, Capital 131,100
Total Owner's equity 131,100
Total liabilties & equity 144,600
 Income statement
Fees Income 82,500

Less:Expenses
Supplies Expense $3,600
Insurance Expense $2,400

Salaries Expense $11,100

Depreciation Expense—
Machinery $1,200
Utilities Expense $1,680
Total expenses $19,980

Net Income $62,520

STATEMENT OF OWNER'S EQUITY

Opening Balance 74,580
Add:net Income $62,520
Less:Drawings ($6,000)
Clsoing Balance 131,100
 Post closing trial balance
Cash $40,800
Accounts Receivable $9,000
Supplies $3,600
Prepaid Insurance $8,400
Machinery $84,000
Accumulated Depreciation—
Machinery 1,200

Accounts Payable 13,500

Helen Kennedy, Capital 131,100
Total $145,800 $145,800
No. General Journal Debit Credit

Adjusting entries

a Supplies expenses $ 3,600

supplies $ 3,600

b. Insurance expense $ 2,400

prepaid insurance $ 2,400

c. Depreciation Expense—Machinery $ 1,200

Accumulated Depreciation—Machinery $ 1,200

Closing entries

d. Fees Income $ 82,500

Income summary $ 82,500

e. Income summary $ 19,980

Supplies Expense $ 3,600
Insurance Expense $ 2,400
Salaries Expense $ 11,100
Depreciation Expense—Machinery $ 1,200
Utilities Expense $ 1,680

f. Income Summary $ 62,520

Helen Kennedy, Capital $ 62,520

g. Helen Kennedy, Capital $ 6,000

Helen Kennedy, Drawing $ 6,000