Question

Saved The December 31, 2017, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2017) follows Credit Debit 51,669 5,368 1,440 775 8,200 410 22,800 Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 5. Rey, Capital 302 S. Rey, withdrawals 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 Wages expense 637 Insurance expense 540 Rent expense 652 Computer supplies expense 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense Computer 901 Income Summary Totals 1,425 1.100 SA 2.ee 66,000 42,249 $ 113,684 $ 113,684 Required: 1. Record the closing entries for Business Solutions 2. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the closing entries for Business Solutions. View transaction list

Answer 1

	Closing entries
	Particulars	Debit	Credit
1	Computer service revenue	42249
	Income summary		42249
2	Income summary	15832
	Depreciation expense office equipment		410
	Depreciation expense computer equipment		1425
	Wages expense		3400
	Insurance expense		480
	Rent expense		2325
	Computer supplies expense		3045
	Advertising expense		2603
	Mileage expense		769
	Miscellaneous expense		170
	Repair expense computer		1205
3	Income summary	26417
	S rey capital		26417
4	S. Rey Capital	7000
	S. Rey withdrawals		7000
	Post closing trial balance
	Particulars	Debit	Credit
	Cash	51669
	Accounts receivable	5368
	Computer supplies	600
	Prepaid insurance	1440
	Prepaid rent	775
	Office equipment	8200
	Accumulated depreciation - office equipment		410
	Computer equipment	22800
	Accumulated depreciation - computer equipment		1425
	Accounts payable		1100
	wages payable		500
	Unearned computer service revenue		2000
	S. Rey Capital		85417	(66000+26417-7000)
	Total	90852	90852