Question

I need the closing entries filled out based on the adjusted trial balance provided please.

PDF worksheet.pdf X + V - a x 6 a worksheet.pdf E 0 0 i oft lo file:///C:/Users/Meredith/Desktop/worksheet.pdf + - Fit to page OD Page view | A' Read aloud L Add notes o e l so Adjusting entries Debit Credit 137,400.00 2017 Unadjusted trial balance Debit Credit 64,713.72 165,250.00 25,750.00 7,500.00 2,400.00 17,000.00 3,285.72 10.000.00 2,000.00 2,300.00 1,600.00 30,401.00 10,000.00 Adjusted trial balance Debit Credit 64,713.72 27,850.00 25,750.00 7,500.00 400.00 17,000.00 5,928.58 10,000.00 4,000.00 2,300.00 2,000.00 2,642.86 2,000.00 1,350.00 250.00 30,401.00 1,468.75 27,325.00 22,800.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Cost of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Merchandise COGS (FIFO) 10,000.00 1,468.75 27,325.00 22,800.00 21,000.00 30,000.00 21,000.00 30,000.00 20,000.00 20,000.00 335,675.00 35,200.00 335,675.00 35,200.00 137,400.00 90,000.00 1,468.75 2,000.00 2,642.86 2,000.00 2,780.00 137,400.00 90,000.00 1,468.75 2,000.00 2,642.86 2,000.00 2.780.00 1,350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00 1.350.00 375.00 5,200.00 22,800.00 3,456.00 15,760.00 ITotal 464,485.72 464,485.72 169,661.61 169,661.61 493,397.33 493 397.33

Answer 1

Peyton Approved
Closing entries
Date	Account	Debit	Credit	Calculation
31-Dec	Bakery Sales	335,675.00
	Merchandise Sales	35,200.00
	Income Summary		370,875.00
31-Dec	Income Summary	287,232.61
	Bakery Cost of goods sold		137,400.00
	Rent expense		90,000.00
	Interest expense		1,468.75
	Insurance expense		2,000.00
	Depreciation expense		2,642.86
	Amortization expense		2,000.00
	Misc. expense		2,780.00
	Office Supplies expense		1,350.00
	Business License expense		375.00
	Advertising expense		5,200.00
	Wages expense		22,800.00
	Telephone expense		3,456.00
	Merchandise COGS (FIFO)		15,760.00
31-Dec	Income Summary	83,642.39		=370,875-287,232.61
	Retained Earnings		83,642.39
31-Dec	Retained Earnings	20,000.00
	Dividends		20,000.00