Question

Unit 4 Prepare for closing :

This assessment addresses the following course objective(s):

Describe the three functions of accounting

Apply the accounting vocabulary

Record various business transactions in accordance with generally accepted accounting principles.

Complete the steps of the Accounting Cycle.

Analyze the basic financial statements

In this assignment, we will complete the accounting cycle by preparing closing entries that close out the balances of revenue and expenses (temporary or nominal accounts) to the Capital accounting using the Income Summary.

Closing Problem The lodger accounts of E-Resources appear as follows on March 31, 2017: All accounts have normal balances. Journal and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you 1. Journal the closing entries 2. Post the closing entries to the GL accounts Include revue, expenses and draw 3. Prepare a post closing trial balance TRIAL BALANCE Adjusted Trail Balance SRO Supplies surance E A DepE Acces Pavle Capital Force bene Salary expense Insurance expose Rent expense Supply expense Telephone expense utilities expense Prepare the Closing Entries Closing entries Credit Enter the beginning balances from the trail balance into the General Ledger Aca Post the Closing Entries to the General Ledger Rochit ats receivable Equipes Accum Der EO Credit Nupplies Ref Dehit Credit PPd Insurance

Thats all the information that was assigned to me

Answer 1

solution - 31 E Post Resources closing bias Balance March 31, 2018 Dobit Credit ($ C$) Account Soooo 58820 to foo 25000 118,000 Cash Account Receivable Supplies Ppd Insurance Equipment Acc. dep. Equip. Account Payable Drawings Capital Retained Gamings 14,320 13 0002 13000 130 000 121100 To tal 305420 305420

solution-1 Closing entries Delit C$ Account title Credit C$ Fee Income Income summons 374,4.60 374,460 Income Summary 21, 160 Dep. exp. 21, 160 Inome summary Salary expense. 1.66,000 4.66,000 11,400 Income summary Insurance expense 11,400 Red Inome Summary Rent Expense 33,000 33,000 Income 5600 summary Supply expense 5600 Income 6,800 summary Telephone expense 6,800 9,900 Inome summary utilities expense 9,400 Tahoo Inome summary Retained Earning 721100

Solution 2 reneral ledger Bata Balance Cosh Ref. 24 Debit Credit $ 80,000 $80,000 allount Ref. Receivable lebit Credit Balance $58,820 $58,820 care Equipment Ref. / Debit Credit Balince $ 118,000 $ 118, DOO Accumulated depreciation - Equibmental Ref Debit Credit Balance To $41,320 $ 41,320. Subblies I debit $ 10,600 I Groe't I Balince $ 10, 6oo

16 Prepaid Ref. I Insurance and debit | Csedlit Balance $ 25000 1$ 25000 7) Ref Account Debit payable Credit $ 13,000 T Balance $13,000 Ref. I Debit Credit Balance 1$ 130 000 $130000 Drawings Ref: Debit Credit Balance 13,000 13,000 101 Drawings Ref. I Debit Fee Income of Credit Balance 374, 460 374 4.60 11 Rent Ref. PL Expense Debit edit Balance 33 000 133000

121 Salary Debit Ref. Expense I Gedit Balance 166000 166000 Telephone Expense Debit | Credit Ref. o Balance 11, you 11, yo - Utilities Expense Refi Debit 9, you Credit 1 Balance 9 400 15 Ref - Depreciation expense Debit Gaelit 21,160 - al Balance 21,160 16 Ref g4 Xhce Брек Debit Credit 1, 4co 1 Balance 11,40

17) Supplies expense Debit I Gredit Balance 5600 5,600 Income - 18) Ref. summary Gredit Debit Balance 374, 460 21460 166000 Fee Income Dep expl Salary Insurance Rent supply Telephone utilities 33,000 o 5600 6800 quoo 253,360 374, 960 | 121, 100