Question

pter 4 Assignment X BC BCIT:: Course Outlines es/27987/assignments/2657281 SHERIDAN COMPANY Adjusted Trial Balance December 31, 2021 Dr. Cash 112 201 212 Account No. Account Titles 101 Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation equipment 200 Notes payable Accounts payable Salaries payable 230 Interest payable 301 D. Sheridan, capital 306 D. Sheridan, drawings Service revenue Advertising expense Supplies expense Depreciation expense Insurance expense Salaries expense Interest expense Totals Adjusted Trial Balance Cr. $6,300 9,600 600 700 26,900 $4,600 16,100 5,100 1,500 510 10.300 7,600 61,900 7.300 2.700 4,600 4.400 28.800 510 $100.010 5100.010

Answer 1

In the books of Sheridan Company
Closing Entries
Sl no.	Description	Debit	Credit
a	Sales Revenue	$      61,900
	Income summary		$      61,900
	(being revenue account closed)
b	Income summary	$      48,310
	Advertising expenses		$         7,300
	Supplies Expenses		$         2,700
	Depreciation expenses		$         4,600
	Insurance expenses		$         4,400
	Salaries		$      28,800
	Interest expenses		$            510
	(being expenses account closed)
c	Income Summary	$      13,590
	Retained Earnings		$      13,590
	(being income summary account closed)
d	Retained Earnings	$         7,600
	D.Sheridan drawings		$         7,600
	(being drawings account closed)
Post Closing trial balance
Sheridan company
Dec 31, 2021
Account No.	Account title	Dr.	Cr.
101	Cash	$         6,300
112	Accounts Receivable	$         9,600
126	Supplies	$            600
130	Prepaid Insurance	$            700
157	Equipment	$      26,900
158	Accumulated depreciation		$         4,600
200	Notes payable		$      16,100
201	Accounts payable		$         5,100
212	Salaries payable		$         1,500
230	Interest payable		$            510
301	D. Sheridan capital		$      10,300
	Retained Earnings		$         5,990
	Total	$      44,100	$      44,100