Homework Answers
* Requirement 'a'
| Account | Debit | Credit |
| Service Revenue | $ 430,000 | |
| Income Summary | $ 430,000 | |
| (Revenue account closed) | ||
| Income Summary | $ 172,250 | |
| Wages expense | $ 122,000 | |
| Insurance expense | $ 10,500 | |
| Utilities expenses | $ 7,000 | |
| Supplies expenses | $ 14,000 | |
| Depreciation expense Building | $ 6,250 | |
| Interest Expense | $ 12,500 | |
| (Expenses closed) | ||
| Income Summary | $ 257,750 | |
| Retained earnings | $ 257,750 | |
| (Net Income closed) | ||
| Retained Earnings | $ 14,000 | |
| Dividends | $ 14,000 | |
| (Dividend closed) |
* Requirement 'b'
Post CLosing Trial Balance
| Account | Debit | Credit |
| Cash | $ 967,800 | |
| Office Supplies | $ 16,000 | |
| Prepaid Insurance | $ 14,700 | |
| Building | $ 125,000 | |
| Accumulated Depreciation Building | $ 6,250 | |
| Unearned Service Revenue | $ 180,000 | |
| Wages Payable | $ 56,000 | |
| Notes Payable | $ 125,000 | |
| Interest Payable | $ 12,500 | |
| Common Stock | $ 500,000 | |
| Retained earnings | $ 243,750 | |
| TOTAL | $ 1,123,500 | $ 1,123,500 |
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