Question

See the attached Excel Trial Balance related to ZYX. Please use the template to prepare closing entries for ZYX Company

ZYX Company Closing Trial Balance For the month ended June 30, 20xx Closing Entries oo 0 0 Unadjusted Trial Balance DR. CR. 15,000 2,000 300 1,500 5,000 25,000 13,000 23,850 1,550 2,000 500 13,000 84,350 2,550 12,000 8,000 4,000 25,000 13,000 3,000 Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accumulated Depreication Accounts Payable Wages Payable Unearned Rent Common Stock Dividends Revenue Rent Revenue Wages Expense Supplies Expense Rent Expense utilities Expensee Insurance Expense Depreciation Expense Income Summary Adjusted Trial Balance DR. CR. 15,000 2,000 300 1,500 5,000 25,000 13,000 23,850 1,550 2,000 500 0 13,000 84,350 2,550 12,000 8,000 4,000 25,000 13,000 3,000 0 0 0 ol 127,300 127,300 0 0 127,300 127,300 *** Assume for this exercise that adjusting journal entries have already been made and are included in Unadjusted numbers.

Answer 1

Account Titles and Explanation $ Debit Credit Date 30-Jun Revenue Rent Revenue 84,350 $ 2,550 $ 86,900 Income Summary (To close revenue accounts) 30-Jun Income Summary $ 65,000 $ Wages Expense 12,000 Supplies Expense 8,000 Rent Expense 4,000 Utilities Expense 25,000 Insurance Expense $ 13,000 Depreciation Expense 3,000 (To close expense accounts) |($86,900-$65,000) 30-Jun Income Summary 21,900 Retained Earnings 21,900 (To close Income Summary)