Question

Need Assistance on Closing Entries. If more info is needed please let me know
The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 150,000 125,000 1,000 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current Assets Total Assets 85.000 Notes Payable 34,590 Accounts Payable 35,000 Unearned Revenue (2,930) Property Tax Payable 65,000 Interest Payable 0 Income Tax Payable 540 Salary and Wages Payable 4,800 Utilities Payable 222,000 Total Current Liabilities Provisions Related to Pensions 180,000 Bonds Payable 60,000 Total Non-Current Liab. Total Liabilities 145,000 Common Stock 800,000 Paid-in-capital - Common Stock (240.000) Preferred Stock Paid-in-capital - Preferred Stock 15,000 Retained Earnings 120,000 Accu. Other Comp. Income 48,000 Less: Treasury Stock 1,128,000 Total Shareholders' Equity 1,350,000 Total Liab, and Total Equity 3,500 13,000 6,500 12,000 311,000 93.100 300,000 393,100 704,100 240,000 96.000 97,000 7,400 210,500 5.000 (10,000) 645,900 1,350,000

Trial Balance
Particulars	Debit	Credit
Cash/Bank	$     441,730.00
Notes recievable	$                      -
Accounts recievable	$       78,866.00
Interest Received		$             410.00
Doubtfull debts		$          2,930.00
Bad debts	$       11,134.00
Inventories	$       65,000.00
Prepaid utilities	$       18,000.00
Utilities Expense	$       12,000.00
office supplies	$                      -
Supplies expense	$          8,000.00
Prepaid insurance	$                      -	$          4,260.00
Rent	$       29,800.00
Prepaid rent	$          5,000.00
Investment in securities	$     180,000.00
Land for future development	$       60,000.00
land	$     175,000.00
building	$     800,000.00
accumulated depreciation		$     320,000.00
Capitalized Development	$       15,000.00
Goodwill	$     120,000.00
other Intangible assets	$       48,000.00
Notes Payable		$     250,000.00
Accounts Payable		$     160,000.00
Unearned revenue		$       12,000.00
Property Tax payable		$                      -
Interest payable		$          6,250.00
Interest expense	$       10,250.00
Income tax payable		$                      -
Income Tax	$       12,500.00
Property Tax	$          6,600.00
Salary expense	$     120,000.00
Salary and wages payable		$       15,000.00
Utilities Payable		$                      -
Provisions related to Pension		$       93,100.00
Bonds Payable		$     300,000.00
Common stock		$     240,000.00
Common stock(Paid up)		$     126,000.00
Prefered stock		$       97,000.00
Preference stock (Paid Up)		$          7,400.00
Retained earnings		$     180,500.00
Dividend payable		$                      -
Other comprehensive income		$          5,000.00
Treasury stock	$       10,000.00
Revenue account	$       11,000.00
Insurance	$          4,800.00
Purchase	$     430,000.00
Purchase return		$          3,000.00
Sales		$     936,000.00
Sales return	$          6,000.00
Sales discount	$          7,280.00
Purchase discount		$          7,110.00
Depreciation expense	$       80,000.00
	$ 2,765,960.00	$ 2,765,960.00

Answer 1

335 Credit Date Account Title & Explanation 31-Dec Sales Purchase return Purchase discount Interest Received Income Summary (To record close of revenues) Debit 936,000 3,000 7,110 410 338 339 946,520 749,364 344 345 346 347 349 31-Dec Income Summary Purchase Sales return Sales discount Revenue account Depreciation expense Insurance Salary expense Property Tax Rent Supplies expense Utilities Expense Bad debts Interest expense Income Tax (To record close of expenses) 430,000 6,000 7,280 11,000 80,000 4,800 120,000 6,600 29,800 8,000 12,000 11,134 10,250 12,500 351 352 355 356 357 358

197,156 360 361 362 363 364 31-Dec Income Summary Retained earnings (To close income summary to Retained Earnings) 197,156 365 Note; As dividend already has been transferred to retained earnings and adjusted in Adjusted trial balance, therefore no entry has been passed to close dividends. 366