The adjusted trial balance for Crane Company is presented below.
The adjusted trial balance for Crane Company is presented below.
Prepare the closing entries.
Prepare T accounts for the accounts affected by the closing entries. Post the closing entries.
Prepare a post-closing trial balance at August 31, 2021.
Homework Answers
| Date | Account title | Debit | credit |
| August 31 2021 | Service revenue | 37100 | |
| Rent revenue | 6900 | ||
| Income summary | 44000 | ||
| [to close revenue] | |||
| August 31 2021 | Income summary | 50600 | |
| Depreciation expense | 2400 | ||
| salaries expense | 37900 | ||
| Utilities expense | 10300 | ||
| [to close expenses] | |||
| August 31 2021 | S.Strong capitals | 6600 | |
| Income summary | 6600 | ||
| [to close net loss : 44000-50600= 6600] | |||
| August 31 2021 | S.strong capitals | 11500 | |
| s.strong drawings | 11500 |
| INCOME SUMMARY | |||
| Clos 2 | 50600 | Clos.1 | 44000 |
| ` | Clos 3 | 6600 | |
| Bal | 0 | Bal | 0 |
| S.STRONG CAPITALS | |||
| clos 3 | 6600 | Bal | 40300 |
| clos 4 | 11500 | ||
| Bal | 22200 | ||
|
CRANE COMPANY POST CLOSING TRIAL BALANCE AUGUST 31 ,2021 |
||
| Account title | Debit | credit |
| cash | 12000 | |
| Accounts receivable | 7300 | |
| Equipment | 11500 | |
| Accumulated depreciation-equipment | 5400 | |
| Accounts payable | 2200 | |
| Unearned revenue | 1000 | |
| S.strong capital | 22200 | |
| Total | 30800 | 30800 |
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