Question

Required information CP4-1 Preparing an Adjusted Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3, LO 4-5) [The following information applies to the questions displayed below.] The following is a list of accounts and adjusted amounts for Rollcom, Inc., for the fiscal year ended September 30, 2018. The accounts have normal debitor credit balances. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Equipment Income Tax Expenso Notes Payable (long-term) Office Expenses Rent Expenso Retained Earnings Salaries and Wages Expense Sales Revenue Supplies $ 38,300 65,700 20,700 79,500 94,000 89,900 10,420 1,420 6,220 163,400 99,720 127,900 323,300 34,400 CP4-1 Part 2 2. Prepare the closing entry required at September 30, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1

Debit $ Credit $ Closing Journal entries :- Date Accounts Title & Explanation 30-Sep-18 Sales Revenue To Income Summary (Entry for closure of Revenue accounts) 3,23,300 3,23,300 3,07,940 30-Sep-18 Income Summary To Rent expense To Salaries and wages expense To Office expense To Income tax expense (Entry for closure of Expense accounts) 1,63,400 1,27,900 6,220 10,420 15,360 30-Sep-18 Income Summary To Retained earnings (Entry for closure of Net Income to retained earnings) 15,360