Unadjusted Trial Balance | Adjusted Trial Balance | Closing entries | Balance Sheet | |||||
Debit | Credit | Debit | Credit | Debit | Credit | Assets | Liabilities & Equity | |
Cash | 45835 | 45835 | 45835 | |||||
Accounts receivable | 2000 | 3500 | 3500 | |||||
Office supplies | 205 | 110 | 110 | |||||
Prepaid rent | 1200 | 900 | 900 | |||||
Unexpired insurance | 270 | 216 | 216 | |||||
Office equipment | 60000 | 60000 | 60000 | |||||
Accumulated depreciation: office equipment | 35250 | 36000 | 36000 | |||||
Accounts payable | 1400 | 1400 | 1400 | |||||
Interest payable | 360 | 420 | 420 | |||||
Income taxes payable | 1750 | 1850 | 1850 | |||||
Salaries payable | 2000 | 2000 | ||||||
Notes payable | 9000 | 9000 | 9000 | |||||
Unearned consulting services revenue | 3500 | 1000 | 1000 | |||||
Capital stock | 30000 | 30000 | 30000 | |||||
Retained earnings | 12000 | 12000 | 28891 | |||||
Dividends | 1000 | 1000 | ||||||
Consulting services revenue | 65000 | 69000 | 69000 | |||||
Office supplies expense | 605 | 700 | 700 | |||||
Depreciation expense: office equipment | 8250 | 9000 | 9000 | |||||
Rent expense | 3525 | 3825 | 3825 | |||||
Insurance expense | 1010 | 1064 | 1064 | |||||
Salaries expense | 27100 | 29100 | 29100 | |||||
Interest expense | 360 | 420 | 420 | |||||
Income taxes expense | 6900 | 7000 | 7000 | |||||
158260 | 158260 | 162670 | 162670 | 51109 | 69000 | |||
Net income | 17891 | |||||||
69000 | 69000 | 110561 | 110561 | |||||
ADJUSTING JOURNAL ENTRIES: | ||||||||
Accounts receivable | 1500 | |||||||
Consulting services revenue | 1500 | |||||||
Unearned consulting services revenue | 2500 | |||||||
Consulting services revenue | 2500 | |||||||
Office supplies expense | 95 | |||||||
Office supplies | 95 | |||||||
Depreciation expense: office equipment | 750 | |||||||
Accumulated depreciation: office equipment | 750 | |||||||
Rent expense (1200/4) | 300 | |||||||
Prepaid expense | 300 | |||||||
Insurance expense (270/5) | 54 | |||||||
Unexpired insurance | 54 | |||||||
Salaries expense | 2000 | |||||||
Salaries payable | 2000 | |||||||
Interest expense (9000*8%/12) | 60 | |||||||
Interest payable | 60 | |||||||
Income tax expense | 100 | |||||||
Income tax payable | 100 | |||||||
Note: | ||||||||
It has been mentioned that adjustment entries have been monthly. | ||||||||
Hence, adjustment entries are made only for December. | ||||||||
CLOSING ENTRIES: | ||||||||
Consulting services revenue | 69000 | |||||||
Income summary | 69000 | |||||||
Income summary | 51109 | |||||||
Office supplies expense | 700 | |||||||
Depreciation expense: office equipment | 9000 | |||||||
Rent expense | 3825 | |||||||
Insurance expense | 1064 | |||||||
Salaries expense | 29100 | |||||||
Interest expense | 420 | |||||||
Income taxes expense | 7000 | |||||||
Income summary | 17891 | |||||||
Retained earnings | 17891 | |||||||
Retained earnings | 1000 | |||||||
Dividend | 1000 |
Please help you solve step by step Silver Line company adjusts its accounts monthly, performs closing...
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