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Problem 4-4A Closing entries LO2, 3, 4 MY Autobody’s adjusted trial balance on December 31, 2020,...

Problem 4-4A Closing entries LO2, 3, 4

MY Autobody’s adjusted trial balance on December 31, 2020, appears in the work sheet as follows:  

No. Account Debit Credit
101 Cash $ 28,700
124 Shop supplies 2,150
128 Prepaid insurance 4,900
167 Equipment 91,500
168 Accumulated depreciation, equipment $ 8,200
201 Accounts payable 19,700
210 Wages payable 9,560
301 Mike Yang, capital 147,000
302 Mike Yang, withdrawals 39,500
401 Repair revenue 163,930
612 Depreciation expense, equipment 9,200
623 Wages expense 105,200
637 Insurance expense 2,250
640 Rent expense 55,850
650 Office supplies expense 5,500
690 Utilities expense 3,640
Totals $ 348,390 $ 348,390


Required
1.
Prepare closing entries.

2. Prepare the post-closing trial balance at December 31, 2020.

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Answer #1
CLOSING ENTRY
DATE ACCOUNT NAME DEBIT CREDIT
Dec 31.2020 Repair Revenue $               163,930.00
                     - Income summary $          163,930.00
(Close income accounts to income summary)
Dec 31.2020 Income summary $               181,640.00
Depreciation expense, equipment $               9,200.00
Wages expense $          105,200.00
Insurance expense $               2,250.00
Rent expense $             55,850.00
Office supplies expense $               5,500.00
Utilities expense $               3,640.00
Dec 31.2020 Mike yang capital account $                 17,710.00
                   Income summary $             17,710.00
(Closing of income summary account $181640-$163930)
Dec 31.2020 Mike yang capital account $                 39,500.00
                      Mike yang withdrawals $             39,500.00
(closing of withdrawal accounts)
MY AUTO BODY
POST CLOSING TRIAL BALANCE
DECEMBER 31,2019
ACCOUNT DEBIT CREDIT
Cash $            28,700.00
Shop supplies $              2,150.00
Prepaid insurance $              4,900.00
Equipment $            91,500.00
Accumulated depreciation, equipment $           8,200.00
Accounts payable $         19,700.00
Wages payable $           9,560.00
Mike Yang, capital ($147000-$39500-17710) $         89,790.00
Total $               127,250.00 $       127,250.00
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