Closing entries:
Date | Account title and explanation | Debit | Credit |
June 30 | Service revenue | $20,000 | |
Income summary | $20,000 | ||
[To close revenue accounts] | |||
June 30 | Income summary | $1,627 | |
Rent expense | $1,214 | ||
Depreciation expense-equipment | $413 | ||
Supplies expense | |||
[To close expenses account] | |||
June 30 | Income summary [20,000-1,627] | $18,373 | |
Evans, capital | $18,373 | ||
[To close income summary account] | |||
June 30 | Evans, capital | $2,500 | |
Evans, Withdrawals | $2,500 | ||
[To close Evans, Withdrawals account] |
T-Accounts:
EVANS, CAPITAL | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 1 | 22,000 | 22,000 | ||||
June 30 | 2,500 | 18,373 | 37,873 | |||
EVANS, WITHDRAWALS | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 18 | 2,500 | 2,500 | ||||
June 30 | 2,500 | 0 | ||||
SERVICE REVENUE | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 10 | 20,000 | 20,000 | ||||
June 30 | 20,000 | 0 | ||||
RENT EXPENSE | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 30 | Adjusting | 1,214 | 1,214 | |||
June 30 | 1,214 | 0 | ||||
DEPRECIATION EXPENSE-EQUIPMENT | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 30 | Adjusting | 413 | 413 | |||
June 30 | 413 | 0 | ||||
SUPPLIES EXPENSE | ||||||
2018 | Balance | |||||
Date | Description | PR | Debit | Credit | Debit | Credit |
June 30 | ||||||
please journalize the closing entires and post to general ledger. thanks CASH Acent 0 101 2018...
You are now asked to journalize and post the adjusting entries after completing the worksheet. This is because, in the manual accounting system, the worksheet is not part of the journals and ledgers. Therefore completing the Adjustments column in the worksheet does not automatically update the appropriate ledger accounts. Since this practice set is a manual accounting practice set, you are still required to manually journalize the adjusting entries and post them to the general ledger as a separate step....
Post the following general journal entries to the general ledger. GENERAL JOURNAL Post Page 1 Credit Date 1/1 Description Cash Debit 20,000 Jacob S., Capital 20,000 1/5 Rent expense 5,000 Cash 5,000 1/8 Supplies 3,000 Cash 3,000 ACCOUNT NAME Cash ACCOUNT NUMBER 1 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Supplies ACCOUNT NUMBER: 14 Balance Credit DATE Item Post Ref Debit Credit Debit ACCOUNT NAME: Jacob S., Capital ACCOUNT NUMBER: 31 Balance Credit DATE Item Post...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...
General Ledger (14 Points) Account: Cash 11 Account No: Post Balance Date Debit Credit Ref Credit Debit Jan 1 Jan1 Jan1 Jan 10 Jan 12 Jan 16 Jan 28 Jan 30 15000 00 15000-00 14500,00 12 (00.00 14500.00 12.700.00 1eco.00 109 00 .00 t,00,00 10,900,00 5 00.00 2400.00 24 00.00 1800.c0 1 1000.00 1000 Account: Accounts Receivable 12 Account No: Balance Post Date Debit Credit Ref Debit Credit 15 00 00 2750.00 1750, 00 Jan 3 Jan 25 Jon 28...
E 7 December 31, 2018 Debit Credit Cash $ 7,000.00 0 Accounts Receivable $ 5,000.00 1 Allowance for Doubtful Accounts $ 1,000.00 2 Supplies $ 1,750.00 3 Inventory $ 12,000.00 4 Prepaid Insurance $ 2,000.00 5 Prepaid Rent $ 4,000.00 6 Equipment $ 9,000.00 7 Accumulated Depreciation - Equipment $ 2,500.00 3 Cars $ 21,000.00 9 Accumulated Depreciation - Cars $ 9,000.00 Accounts Payable $ 1,000.00 1 Unearned Service Revenue $ 900.00 2 Common Stock $ 2,500.00 3 Retained Earnings...
Instructions 1. Enter February transactions in the general journal. 2. Post the transactions to the general ledger. 3. Prepare a trial balance. 4, Journalize and post adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare an A/P & A/R schedule to verify ending account balances. (The A/R schedule lists customers names and balances at the end of February. The total of the A/R schedule should equal the A/R balance on the trial balance. Similarly, the A/P schedule lists creditors...
Thank you in advance :) PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31...
Hi I need help filling general ledger and trial balance. It has to be in the format it is (the general ledger) This is the trial balance format. I know its 2 exercises but I send the first one and I got sent something different and complicated. Please help take 2 of my monthly quetions if needed. Anne Aile transactions for her Profesional Services business Month: September Transactions Amount 1 Invested cash in her business $ 20.000 2 Purchased equipment...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30...