Question

The adjusted trial balance for Pharoah Company, owned by D. Pharoah, are as follows: PHAROAH COMPANY Adjusted Trial Balance December 31, 2021 upport Cr. Account No. 101 112 126 157 158 Adjusted Trial Balance Dr. $6,300 10,800 2,200 2,200 27,700 $4,500 14,100 5,500 3,500 670 17,000 Account Titles Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Notes payable Accounts payable Salaries payable Interest payable D. Pharoah, capital D. Pharoah, drawings Service revenue Advertising avnence 200 201 212 230 301 6,600 306 60,200 400 610 200 O te Ô arch 9

Answer 1

Dreyden Investments Closing Enteries Date Particulars 31.12.2021 Income Summary a/c Dr. To Advertising Expense To Supplies Expense To Depreciation Expense To Insurance Expense To Salaries Expense To Interest Expense (Expense acoounts closed Debit in $ Credit in $ 49670 8300 5100 4500 2800 28300 670 Postclosing Trial Balance For the period ending 31.12.2021 Particulars Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depre - Equip. Notes Payable Accounts Payable Salaries Payable Interest Payable D. Pharoah, Capital Totals Debit in $ Credit in $ 6300 10800 2200 2200 27700 4500 14100 5500 3500 670 20930 4920049200 Dr. 60200 31.12.2021 Service Revenue a/c To Income Summary (Revenue accounts closed) 60200 10530 31.12.2021 Income Summary a/c Dr. To D. Pharoah, Capital (Profits transferred) 10530 6600 31.12.2021 D. Pharoah, Capital a/c Dr. To D. Pharoah, Drawings (Drawings charged to Capital) 6600

60200 Bal Insurance Expense 2800 Income Summary 2800 2800 2800 Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense D. Pharoah, Capital Income Summary 8300 Service Revenue 5100 4500 2800 28300 670 10530 60200 Salaries Expense 28300 Income Summary 28300 28300 28300 60200 Bal Interest Expense 670 Income Summary 670 670 670 D. Pharoah, Drawings Bal. D. Pharoah, Capital 6600 Bal 20930 Income Summary 27530 17000 10530 27530 D. Pharoah, Drawings 6600 D. Pharoah, Capital Bal 6600 6600 6600 Advertising Expense 8300 Income Summary Bal. 8300 8300 8300 Bal. Supplies Expense 5100 Income Summary 5100 5100 5100 Bal. Depreciation Expense 4500 Income Summary 4500 4500 4500