Question

penn foster 061468... I missed 10-12 and wanted to see a solution to help better understand.

10. Create the closing journal entries in the general journal to close the revenue, expense, and dividend accounts to the retained earnings account, paying attention to debits equaling credits. 11. Post the closing journal entries to the respective general ledger accounts. 12. Calculate the balances in the general ledger accounts. 13. Create a post-closing trial balance from the balances in the general ledger accounts using the same blank form as used for the unadjusted trial balance. Your post-closing trial balance should be in the same format as the post-closing trial bal- ance provided at the beginning of the project for the prior accounting period. Make sure the math is correct and that the debit column is equal to the credit column. If not, don't continue until the error has been found. 14. Create the balance sheet for J & L Accounting, Inc. using the information from the post-closing trial balance. If the debits equal the credits from the previous work and the closing entries were made properly, then the accounting equation should bal- ance on the balance sheet. If the assets don't equal the liabilities plus stockholders' equity, an error has been made that needs to be corrected. The balance of the accounting equation is another fundamental GAAP principle that can't be violated. Use the following form to create the balance sheet. Its format should be the same as that of the statement provided at the beginning of the project.

Sorry. Im used the information from the Adjusted Trial Balance to answer 10, 11, and 12

Answer 1

10	Closing entries:
	Date	Account titles and explanation					Debit	Credit
	Dec 31.	Service revenue					8375
		Retained earnings						8375
		(Revenue closed)
	Dec 31.	Retained earnings					8110
		Advertising expense						2350
		Office supplies expense						75
		Telephone expense						660
		Utilities expense						2925
		Rent expense						1000
		Depreciation expense						1100
		(Expense closed)
11 & 12.		Retained earnings					Service revenue
	Date	Debit	Date	Credit		Date	Debit	Date	Credit
	Dec 31.	2350	Unadj. Bal	21500		Dec 31.	8375	Unadj. Bal	8375
	Dec 31.	75	Dec 31.	8375			8375		8375
	Dec 31.	660						Bal.	0
	Dec 31.	2925
	Dec 31.	1000
	Dec 31.	1100
		8110		29875
			Bal.	21765
		Advertising expense					Office supplies expense
	Date	Debit	Date	Credit		Date	Debit	Date	Credit
	Unadj. Bal	2350	Dec 31.	2350		Unadj. Bal	75	Dec 31.	75
		2350		2350			75		75
	Bal.	0				Bal.	0
		Telephone expense					Utilities expense
	Date	Debit	Date	Credit		Date	Debit	Date	Credit
	Unadj. Bal	660	Dec 31.	660		Unadj. Bal	2925	Dec 31.	2925
		660		660			2925		2925
	Bal.	0				Bal.	0
		Rent expense					Depreciation expense
	Date	Debit	Date	Credit		Date	Debit	Date	Credit
	Unadj. Bal	1000	Dec 31.	1000		Unadj. Bal	1100	Dec 31.	1100
		1000		1000			1100		1100
	Bal.	0				Bal.	0
	Balances of other accounts remain same as that in adjusted trial balance