Question

Wildhorse Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are pre WILDHORSE COMPANY Worksheet For The Month Ended September 30, 2020 Adjusted Trial Balance Trial Balance Credit Debit Debit 39,760 20,960 31,900 87,720 127,720 Credit Cash 39,760 4,161 4,265 87,720 127,720 Supplies Prepaid Insurance Land Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Mortgage Payable Common Stock Retained Earnings, Sept. 1, 2020 Dividends Service Revenue 38,560 16,960 3,310 54,720 117,420 2,000 40,850 16,960 655 54,720 117,420 2,000 14,000 14,000 284,220 286,875 Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expenses Property Tax Expense Interest Expense 108,390 32,860 9,400 19,260 18,610 6,610 517,190 515,190 108,390 32,860 9,400 19,260 22,250 10,950 Totals Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Tax Payable Totals 27,635 16,799 4,340 2,290 3,640 527,460 527,460 Policy 2000-2019 John Wiley & Sons for

Answer 1

closing entries account titles and explanation date debit credit $ 286,875 30-Sep service revenue income summary (to close revenue accounts) $ 286,875 30-Sep $ 249,834 income summary salaries and wages expense maintenance and repairs expense advertising expense utilities expense property tax expense interest expense insurance expense supplies expense depreciation expense (to close expense accounts) $ 108,390 $ 32,860 $ 9,400 $ 19,260 $ 22,250 $ 10,950 $ 27,635 $ 16,799 $2,290 $ 37,041 30-Sep income summary retained earnings (to close income summary account) $ 37,041 $ 14,000 30-Sep retained earnings dividends (to close dividends account) $ 14,000

credit WILDHORSE COMPANY post closing trial balance at september 30, 2020 debit cash $ 39,760 supplies $ 4,161 prepaid insurance $ 4,265 land $ 87,720 equipment $ 127,720 accumulated depreciation-equipment accounts payable unearned service revenue mortgage payable common stock retained earnings interest payable property tax payable totals $ 263,626 $ 40,850 $ 16,960 $ 655 $ 54,720 $ 117,420 $ 25,041 $ 4,340 $ 3,640 $ 263,626