Question

1. journalize the closing entries

2. prepare a post-closing trial balance

Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and Wages Expense 138,200 Advertising Expense 27,700 Utilities Expenses 15,800 Maintenance and Repairs Expense 12,100 Delivery Expense 16,700 Rent Expense 25,300 Totals $1,004,200 $26,600 54,600 52,100 93,600 11,600 765,700 $1,004,200

Answer 1

A D E F 1 Ans Closing Entries Debit Amount Credit Amount 30 November 2019 Sales Revenue 2 7,65,700.00 Profit & loss A/c 7,65,700.00 (to close accounts with credit balances) 4 5 30 November 2019 Profit & loss A/c 6 7,66,440.00 Sales Returns & Allowances 7 4200 Cost of Goods Sold 8 495400 Salaries & Wages Expense-Selling 9 96740 Salaries & Wages Expense-Administrative 10 41460 Advertising Expenses 11 27700 Utilities Expense-Selling 12 12640 Utilities Expense-Administrative Maintainenance & Repair Expenses 13 3160 14 12100 Delivery Expenses 15 16700 Rent Expense-Selling 16 20240 Rent Expense-Administrative Supplies expense 17 5060 18 4000 Depreciation expense-Equipment 16950 19 Interest Expenses 20 10090 (to close accounts with debit balances) 21

30 November 2019 Retained Earnings 740.00 Profit & loss A/c 740.00 (to transfer loss to retained earnings account) Post Closing Trial Balance Credit Account Title Debit 33600 Cash 37300 Accounts receivable 48600 Inventory Office supplies 5100 140200 Office equipment Accumulated depreciation-Office equipment Notes Payable 43550 54600 Interest Payable 10090 Accounts payable 52100 93600 Common Stock Retained Earning 10860 264800 264800 Totals