Question

Credits Debits $ 25,00 16,700 14,60 161.00 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,00 7,100 156, 5218,200 $218,200 The following is a summary of the transactions for the year 1. January 9 Provide storage services for cash, 5147.500, and on account. 558.700. 2. February 12 Collect on accounts receivable, 552.600. 3. April 25 Receive cash in advance from customers. 534,200. 4. May 6 Purchase supplies on account, 511,800 5. July 15 Pay property taxes, 59.808. 6. September 10 Pay on accounts payable, $12,700. 7. October 31 Pay salaries, $136.610. 8. November 20 Issue shares of common stock in exchange for $40.000 cash. 9. December 30 Pay 54,100 cash dividends to stockholders. Insurance expired during the year is $8.300. Supplies remaining on hand at the end of the year equal $4,200. Provide services of $13100 related to cash paid in advance by customers.

1. Complete journal for the date of 12/31

a. record closing entry for revenue

b. record closing entry for expenses

c. record closing entry for cash dividens

Answer 1

Requirement: 1.

Date	Account Titles and Explanation	Debit	Credit
Jan,09	Cash	$    147,100
	Account receivable	$      58,700
	Service revenue		$    205,800
	(To record service revenue)
Feb,12	Cash	$      52,800
	Accounts receivable		$      52,800
	[To record accounts receivable collected]
April,25	Cash	$      14,200
	Deferred revenue		$      14,200
	( To record unearned service revenue)
May,06	Supplies	$      11,800
	Accounts payable		$      11,800
	(To record supplies purchase)
July,15	Property taxes expense	$         9,800
	Cash		$         9,800
	( To record payment of property taxes)
Sept,10	Accounts payable	$      12,700
	Cash		$      12,700
	( To record payment of accounts payable)
Oct,31	Salaries expense	$    136,600
	Cash		$    136,600
	(To record salaries expense)
Nov,20	Cash	$      40,000
	Common Stock		$      40,000
	(To record Common Stock Issued)
Dec,30	Dividend	$         4,100
	Cash		$         4,100
	( To record payment of dividend)
Adjusting entries:
Dec,31	Insurance expense	$         8,300
	Prepaid insurance		$         8,300
	(To record insurance expense)
Dec,31	Supplies expense [11800-4200]	$         7,600
	Supplies		$         7,600
	( To record supplies expense)
Dec,31	Deferred revenue	$      13,100
	Service revenue		$      13,100
	(To record recognition of deferred revenue)

(a)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	Service revenue [205800+13100]	$ 218,900
	Income Summary		$ 218,900
	(To close Income account )

(b)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	Income Summary	$   84,870
	Property tax expense		$   57,120
	salaries expense		$        250
	Insurance expense		$   25,000
	Supplies expense		$     2,500
	(To close Expense account )

(c)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	Retained Earnings	$     4,100
	Dividends		$     4,100
	(To close dividend account to retained earnings)