Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...

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Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT

General Journal Ledgers Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balance

business accounting

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Answer 1

Answer #1

Solution of the above problem is as under:

2)

Ledger Accounts

Aretha Hinkle, Capital A/c (Account No-301)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Drawings	11100	Mar-31	By Bal b/d	111000
			Mar-31	By Profit and Loss A/c	76840
Mar-31	To Bal c/d	176740


		187840			187840



Aretha Hinkle, Drawings A/c (Account No-302)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Cash A/c	11100	Mar-31	By Capital A/c	11100

		11100			11100


Fees Income (Account No-401)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
			Mar-31	By Cash A/c	299800
Mar-31	To Profit & Loss	299800

		299800			299800


Depreciation Expense-Equipment (Account No-510)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Accumulated Depreciation-Equipment	19260	Mar-31	By Profit & Loss	19260

		19260			19260


Insurance Expense (Account No-511)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Prepaid Insurance	9500	Mar-31	By Profit & Loss	9500

		9500			9500


Rent Expense (Account No-514)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Cash A/c	31100	Mar-31	By Profit & Loss	31100

		31100			31100


Salaries Expense (Account No-517)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Cash A/c	147000	Mar-31	By Profit & Loss	147000

		147000			147000


Supplies Expense (Account No-518)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Supplies A/c	3700	Mar-31	By Profit & Loss	3700

		3700			3700


Telephone Expense (Account No-519)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Cash A/c	4900	Mar-31	By Profit & Loss	4900

		4900			4900


Utility Expense (Account No-523)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Cash A/c	7500	Mar-31	By Profit & Loss	7500

		7500			7500


Income Summary/Profit and Loss A/c (Account No-399)
Dr.					Cr.
Date	Particulars	Amount ($)	Date	Particulars	Amount ($)
Mar-31	To Depreciation Expense-Equipment A/c	19260	Mar-31	By Fees Income	299800
Mar-31	To Insurance Expense A/c	9500
Mar-31	To Rent Expense A/c	31100
Mar-31	To Salaries Expense A/c	147000
Mar-31	To Supplies Expense A/c	3700
Mar-31	To Telephone Expense A/c	4900
Mar-31	To Utilities Expense A/c	7500

Mar-31	To Capital A/c	76840

		299800			299800

1) Closing Entries:

Journal-Closing Entries

Date	Account Titles and Explanation	Debit ($)	Credit ($)

Mar-31	Capital A/c Dr.	11100
	To Drawings		11100
	(Being drawings transferred to capital)

Mar-31	Fees Income A/c Dr.	299800
	To Profit and Loss A/c		299800
	(Being income transferred to P&L Account)

Mar-31	Profit and Loss A/c Dr	222960
	To Depreciation Expense-Equipment A/c		19260
	To Insurance Expense A/c		9500
	To Rent Expense A/c		31100
	To Salaries Expense A/c		147000
	To Supplies Expense A/c		3700
	To Telephone Expense A/c		4900
	To Utilities Expense A/c		7500
	(Being Expenses transferred to P&L Account)

Mar-31	Profit and Loss A/c Dr.	76840
	To Capital A/c		76840
	(Being Profit transferred to Capital A/c)

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Answer 2

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