Question

33) Using the adjusted trial balance below. write the four closing entries nec accounts for the beginning of the next accounting period. tries necessary to prepare the $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 DODSON CONTAINERS Adjusted Trial Balance December 31 Cash... Accounts receivable.. Prepaid insurance ...... Office supplies ............. Office equipment ...... Accumulated depreciation office equipment.. Buildings. Accumulated depreciation-buildings. Land ......... -Wages Payable....... ---Property taxes payable... Interest payable.... Unearned rent. -Long-term notes payable. Common stock Retained earnings ..... Dividends Rent earned ....... Wages expense ............. Utilities expense ...... ........ Property taxes expense .............. Insurance expense... Office supplies expense............... Depreciation expense-office equipment.. Depreciation expense-buildings..... Interest expense ............ Totals 880 1,400 2,200 460 150,000 30,000 10,340 21,000 67,500 29,000 2,900 2,400 5,800 250 400 5,570 3,000 $291.880 $291.880 67500

Answer 1

No.	Accounts	debit	credit
a	Rent earned	67500
	Income summary		67500
b	Income summary	49320
	Wages expense		29000
	Utilities expense		2900
	property taxes expense		2400
	Insurance expense		5800
	Office supplies expense		250
	Depreciation expense-office equipment		400
	Depreciation expense-Buildings		5570
	Interest expense		3000
c	Income summary	18180
	retained earnings		18180
d	Retained earnings	21000
	dividends		21000
	As you can see all revenues and expenses accounts
	have been closed out to income summary
	so their balance in T accounts will be Zero
	So,account balances
	Rent earned	0
	Insurance expense	0
	Dividends	0
	Retained earnings	7520
	(10340+18180-21000)
No.	Accounts	debit	credit
a	Rent earned	67500
	Income summary		67500
b	Income summary	49320
	Wages expense		29000
	Utilities expense		2900
	property taxes expense		2400
	Insurance expense		5800
	Office supplies expense		250
	Depreciation expense-office equipment		400
	Depreciation expense-Buildings		5570
	Interest expense		3000
c	Income summary	18180
	retained earnings		18180
d	Retained earnings	21000
	dividends		21000
	As you can see all revenues and expenses accounts
	have been closed out to income summary
	so their balance in T accounts will be Zero
	So,account balances
	Rent earned	0
	Insurance expense	0
	Dividends	0
	Retained earnings	7520
	(10340+18180-21000)