Question

On December 31. the adjusted trial balance of Splish Brothers Inc. shows the following selected data: Accounts receivable $9,230 Service revenue $107,100 Interest expense 12,670 Interest payable 6,950 Analysis shows that adjusting entries had been made, and included above, for (1) $9.230 of services performed but not billed, and (2) $6,950 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Dec. Date 31 (To close revenue account) Dec. 31 (To close expense account) e Textbook and Media List of Accounts

Answer 1

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A B F G Н. 1 2 с Date Account Title 31-Dec Service Revenue Income Summary (To close revenue account) D E Debit Credit 107100 107100 Accounts Receivable Dec 31 Bal 9230 1-Jan 3 9230 4 5 6 Interest Payable 6950 Dec 31 Bal 12670 43831 6950 7 31-Dec Income Summary Interest Expense (To close expense account) 12670 8 9 31-Dec Service Revenue 107100 Dec 31 Bal 9230 10-Jan 107100 9230 10 1-Jan 11 Date Account Title 1-Jan Service Revenue Accounts Receivable (To reverse Revenue accural) Debit Credit 9230 9230 12 13 Dec 31 Bal 15-Jan Interest Expense 12670 44196 6950 1-Jan 12670 6950 14 15 6950 16 1-Jan Interest Payable Interest Expense (To reverse interest expense account) 69501 17 18 19 20 Date Account Title 10-Jan Cash Service Revenue Debit Credit 9230 9230 21 22 23 24 25 6950 15-Jan Interest Expense Cash 6950 26 KI Sheet217 Sheet218 Sheet219 Sheet220 Sheet221 Sheet222 Sheet223 Sheet224 Stats Ready