Question

he adjusted trial balance columns of the worksheet for Blue Spruce Company are as follows.

Blue Spruce Company Worksheet (Partial) For the Month Ended April 30, 2019
		Adjusted Trial Balance
Account Titles		Dr.		Cr.
Cash		11,400
Accounts Receivable		7,900
Prepaid Rent		2,100
Equipment		23,300
Accumulated Depreciation—Equip.				4,500
Notes Payable				5,500
Accounts Payable				4,800
Common Stock				22,290
Retained Earnings				7,810
Dividends		3,500
Service Revenue				15,800
Salaries and Wages Expense		10,900
Rent Expense		900
Depreciation Expense		700
Interest Expense		60
Interest Payable				60
Totals		60,760		60,760

Exercise 4-04 a-c The adjusted trial balance columns of the worksheet for Blue Spruce Company are as follows. Blue Spruce Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Cr. Cash 11,400 Accounts Receivable 7,900 Prepaid Rent 2,100 Equipment 23,300 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,500 Accounts Payable 4,800 Common Stock 22,290 Retained Earnings 7,810 Dividends 3,500 Service Revenue 15,800 Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense 60 Interest Payable Totals 60,760 60,760 60 Joumalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation (1) Apr. 30 (To close revenue account) (2) Apr. 30 (To close expense accounts) (3) Apr. 30 (To close net income / (loss)) (4) Apr. 30 (To close dividends)

Answer 1

Credit $15,800 Credit $ 15,800 Closing Entries Date Account Title Debit Apr-30 Service Revenue $ 15,800 Income Summary Apr-30 Income Summary $ 12,560 Salaries & wages expenses Rent Expenses Depreciation expenses Interest expenses Apr-30 Retained earnings $ 3,240 Income Summary Salaries & wages expenses Rent Expenses Depreciation expenses Interest expenses Net Income Income Summary $ 10,900 Service Revenue $ 900 $ 700 60 $ 3,240 $ 15,800 $15,800 $ $ $ $ 10,900 900 700 60 Post Closing Trial Balance Account Title Debit Cash $11,400 Accounts Receivable $ 7,900 Prepaid Rent $ 2,100 Equipment $23,300 Accumulated Depreciation Equip. Interest Payable Notes Payable Accounts Payable Common Stock Retained Earnings $44,700 15800-12560 Dividend End.Bal Retained Earnings $ 3,500 Beg.Bal $ 7,810 $ 7,550 Income Summary $ 3,240 $ 11,050 $11,050 $ 4,500 $ 60 $ 5,500 $ 4,800 $22,290 $ 7,550 $44,700 $ 3,240