Question

1. The December 31, 2017, adjusted trial balance for Eagle Consulting Services has been alphabetized as follows: (10 marks)

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Required:

Prepare the closing entries and post closing trial balance

General Journal

Date	Account Titles	Dr.	Cr.

Brady Wholesaler

Post-Closing Trial Balance

Dec. 31, 2017

Account Titles	Dr.	Cr.

Answer 1

Date	Account Titles	Dr.	Cr.
1	Revenue Account Closure
	Consulting Fees earned Dr	$                 45,000
	Interest Earned Dr.	$                       70
	To Income and Expense Account		$ 45,070
2	Expense Account Closure
	Income and Expense Account Dr.	$                 46,930
	To Dep Exp - Equipment		$   1,000
	To Dep Exp - Office Furniture		$     700
	To Insurance Exp		$     600
	To Interest Exp		$       30
	To Supplies		$     750
	To Supplies Exp		$   2,150
	To Telephone Exp		$     470
	To Utilities Exp		$   3,230
	To Wages Exp		$ 38,000
3	Retained Earnings A/c Dr	$                   1,860
	To Income and Expense Account		$   1,860

Brady Wholesaler	Post-Closing Trial Balance	Dec. 31, 2017
Account Titles	Dr.	Cr.
Accounts Payable	-	$     720
Accumulated Dep - Equipment	-	$   8,250
Accumulated Dep - Office Furniture	-	$   3,100
Dan Eagle, Capital	-	$ 24,715
Long term notes payable	-	$   4,000
Unearned Consulting Fees	-	$     375
Cash	$                          1,500	-
Copyright	$                          4,200	-	It is an intengi. Asset
Dan Eagle, Withdrawls	$                          3,500	-
Equipments	$                        16,000	-
Notes Receivable	$                          5,000	-
Office Furniture	$                          5,100	-
Short Term Investments	$                          4,000	-
Retained Earnings (loss)	$                          1,860	-	Excess of Exp. over Revenue
Total	41160	41160