Question

Required information [The following information applies to the questions displayed below.] The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debit or credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expense Notes Payable (long-term) Office Expenses Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 38,800 66,200 21,200 80,000 94,500 90,400 10,470 1,470 6,270 163,900 99,770 128,400 324,800 34,900

Prepare the closing entry required at September 30, 2018.

Prepare a post-closing trial balance at September 30, 2018.

Answer 1

Closing entries

Date	account and explanation	Debit	Credit
Sep 30	Sales revenue	324800
	Income summary		324800
	(To close revenue)
Sep 30	Income summary	309040
	Income tax expense		10470
	Office expense		6270
	Rent expense		163900
	Salaries and wages expense		128400
	(To close expense)
Sep 30	Income summary	15760
	Retained earnings		15760
	(To close income summary)

Post closing trial balance

	Debit	Credit
Cash	80000
Account receivable	66200
Supplies	34900
equipment	90400
Accumulated depreciation		21200
Account payable		38800
Notes payable		1470
Common Stock		94500
Retained earnings		115530
Total	271500	271500