Question

The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Credit $ Debit 18,300 59,500 250 185, 900 7, 110 3,030 50,700 17,500 8,400 1,360 440 275,970 73,700 179.700 Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and Allowances Purchases Freight In Purchases Returns and Allowances Purchases Discounts Rent Expense Telephone Expense Salaries Expense Payroll Taxes Expense Supplies Expense Insurance Expense Depreciation Expense-Equipment Uncollectible Accounts Expense Totals 185,900 771,500 14, 100 486,600 100 8,200 5,000 33,500 6,220 22, 840 1,500 6,300 1, 530 7,800 1,090 $1,274,520 $1,274,520

#6

Answer 1

Prepare a closing trial balance of VZJ Supply for the year 2019 as shown below: VZJ Supply Post-closing Trial Balance December 31, 2019 Account name Debit Credit Cash $18.300 Accounts receivable Allowance for doubtful accounts Merchandise inventory Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Social security tax payable Medicare tax payable SVZ. Capital [Note-2] SVZ, Drawing Income summary Sales Sales returns and allowances Purchases Freight-in Purchases returns and allowances Purchases discounts Rent expense Telephone expense Salaries expense Payroll taxes expense Supplies expense Insurance expense $59,500 $250 $185,900 $7,110 $3,030 $50,700 $17,500 $8,400 $1,360 $440 $296,590 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Depreciation expense-Equipment Uncollectible accounts expense $0 $0 $324.540 $0 $324.540 Totals So

Thus, the total of the post-closing trial balance is $324,540 Note-1: Determine the ending balance of income summary to close the same to capital account as shown below Income Summary $14,100 Beginning balance $486,600 [S185,900- $179,700] $5.100 Sales $33,500 Purchases retuns and allowances S6.220 Purchases discounts $122.840 $11,500 $6.300 $1,530 $7,800 $1.090 $94.320 $790.900 Sales returns and allowances Purchases $6.200 $771.500 Freight-in Rent expense Telephone expense Salaries expense Payroll taxes expense Supplies expense Insurance expense Depreciation expense-Equipment Uncollectble accounts expense sv z Capital (Ending Balance) $8.200 $5,000 $790.900 Note-2: Determine the ending balance of Capital account as shown below SVZ Capital $73.700 Beginning balance $296.590 Income Summary $370.290 s VZ Drawing Ending balance $275.970 $94.320 $370.290