Exercise 4-08 a-c (Video)
Sarasota Company ended its fiscal year on July 31, 2019. The company’s adjusted trial balance as of the end of its fiscal year is shown below.
Sarasota Company | ||||||
No. | Account Titles | Debit | Credit | |||
101 | Cash | $8,700 | ||||
112 | Accounts Receivable | 9,400 | ||||
157 | Equipment | 16,100 | ||||
158 | Accumulated Depreciation—Equip. | $7,600 | ||||
201 | Accounts Payable | 4,100 | ||||
208 | Unearned Rent Revenue | 1,700 | ||||
311 | Common Stock | 18,200 | ||||
320 | Retained Earnings | 25,600 | ||||
332 | Dividends | 16,500 | ||||
400 | Service Revenue | 65,000 | ||||
429 | Rent Revenue | 6,000 | ||||
711 | Depreciation Expense | 6,600 | ||||
726 | Salaries and Wages Expense | 55,900 | ||||
732 | Utilities Expense | 15,000 | ||||
$128,200 | $128,200 |
Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
July 31 | |||
(To close revenue accounts) | |||
July 31 | |||
(To close expense accounts) | |||
July 31 | |||
(To close net income / (loss)) | |||
July 31 | |||
(To close dividends) |
Post to the Retained Earnings and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Retained Earnings | No. 320 | ||||
Date | Explanation | Ref | Debit | Credit | Balance |
July 31 | Close Net Income/LossClose ExpensesClose RevenuesClose DividendsBalance | J15 | |||
July 31 | Close DividendsClose RevenuesClose ExpensesClose Net Income/LossBalance | J15 | |||
July 31 | BalanceClose RevenuesClose DividendsClose Net Income/LossClose Expenses | J15 |
Answer: Journal Entries
Date | Account Title and Explanation | Debit $ | Credit $ |
July 31 | Service Revenue | 65,000 | |
Rent Revenue | 6,000 | ||
Income Summary | 71,000 | ||
(To close revenue accounts) | |||
July 31 | Income Summary | 77,500 | |
Depreciation Expense | 6,600 | ||
Salaries and Wages Expense | 55,900 | ||
Utilities Expense | 15,000 | ||
(To close expense accounts) | |||
July 31 | Retained Earnings | 6,500 | |
Income Summary (Net loss= Total expense - Total revenues) | 6,500 | ||
(To close net income / (loss)) | |||
July 31 | Retained Earnings | 16,500 | |
Dividends | 16,500 | ||
(To close dividends) |
Retained Earnings | No. 320 | ||||
Date | Explanation | Ref | Debit | Credit | Balance |
July 31 | Balance | J15 | 25,600 | ||
July 31 | Close Net Income/Loss | J15 | 6,500 | 19,100 | |
July 31 | Close Dividends | J15 | 16,500 | 2,600 |
Income Summary | No. | ||||
Date | Explanation | Ref | Debit | Credit | Balance |
July 31 | Close revenues | J15 | 71,000 | ||
July 31 | Close expenses | J15 | 77,500 | -6,500 | |
July 31 | Close Net Income/Loss | J15 | 6500 | 0 |
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