Homework Answers
Preparing Closing Entries:-
Closing Entries:- These Entries are prepared at the end of the Year to close all temporary accounts like Revenue and Expenses Accounts. These Temporary accounts are closed by transferring them into Income Summary which is also a temporary account and also transferred to Retained Earnings. Retained Earnings is a permanent Account which shows in Balance Sheet under Stockholders Equity section.
Watermelon
General Journal
December 31,2018
| Date | Accounts Title and Explanation | Debit | Credit |
|---|---|---|---|
| 1. | Closing the Revenue Account:- | ||
| December 31 | Sales Revenue | $22,200 | |
| Service Revenue | $28,000 | ||
| Income Summary | $50,200 | ||
| (To close Revenue Accounts) | |||
| 2. | Closing the Expense Accounts:- | ||
| December 31 | Income Summary | $17,350 | |
| Salaries Expense | $6,000 | ||
| Utility Expense | $2,000 | ||
| Insurance Expense | $1,000 | ||
| Office Expense | $600 | ||
| Rent Expense | $3,000 | ||
| Advertising Expense | $500 | ||
| Depreciation Expense | $500 | ||
| Supplies Expense | $3,500 | ||
| Bad Debt Expense | $200 | ||
| Miscellaneous Expense | $50 | ||
| (To close Expenses Accounts) | |||
| 3. | Close Income Summary:- | ||
| December 31 | Income Summary | $32,850 | |
| Retained Earnings | $32,850 | ||
| (To close Income Summary) | |||
| 4. | Close the Dividends Account:- | ||
| December 31 | Retained Earnings | $1,000 | |
| Dividends | $1,000 | ||
| (To close Dividends Account) | |||
5. Posting the Transactions into General Ledger:-
Sales Revenue
| Date | Amount | Date | Amount |
|---|---|---|---|
| December 31 | $22,200 | Beg. | $22,200 |
| Bal. | $0 | ||
Service Revenue
| December 31 | $28,000 | Beg. | $28,000 |
| Bal. | $0 | ||
Salaries Expense
| Beg. | $6,000 | December 31 | $6,000 |
| Bal. | $0 | ||
Utility Expense
| Beg. | $2,000 | December 31 | $2,000 |
| Bal. | $0 | ||
Insurance Expense
| Beg. | $1,000 | December 31 | $1,000 |
| Bal. | $0 | ||
Office Expense
| Beg. Bal. | $600 | December 31 | $600 |
| Bal. | $0 | ||
Rent Expense
| Beg. | $3,000 | December 31 | $3,000 |
| Bal. | $0 | ||
Advertising Expense
| Beg. | $500 | December 31 | $500 |
| Bal. | $0 | ||
Depreciation Expense
| Beg. | $500 | December 31 | $500 |
| Bal. | $0 | ||
Supplies Expense
| Beg. | $3,500 | December 31 | $3,500 |
| Bal. | $0 | ||
Bad Debt Expense
| Beg. | $200 | December 31 | $200 |
| Bal. | $0 | ||
Miscellaneous Expense
| Beg. | $50 | December 31 | $50 |
| Bal. | $0 | ||
Dividends
| Beg. | $1,000 | December 31 | $1,000 |
| Bal. | $0 | ||
Income Summary
| December 31 | $17,350 | December 31 | $50,200 |
| December 31 | 32,850 | Bal. | $0 |
Retained Earnings
| December 31 | $1,000 | Beg. | $13,000 |
| December 31 | 32,850 | ||
| Bal. | $44,850 | ||
6. Calculations for Ending Retained Earnings:-
Ending Retained Earnings=(Beginning Retained Earnings+Net Income- Dividends)
Calculations for Net Income:-
Net Income=(Total Revenue- Total Expenses)
=(Sales Revenue+ Service Revenue)-(Salaries Expense+Utility Expense+Insurance Expense+Office Expense+Rent Expense+Advertising Expense+Depreciation Expense+Supplies Expense+Bad Debt Expense+Miscellaneous Expense)
=($22,200+$28,000)-($6,000+$2,000+$1,000+$600+$3,000+$500+$500+$3,500+$200+$50)
=($50,200-$17,350)
=$32,850
Ending Retained Earnings=($13,000+$32,850 -$1,000)
=($45,850-$1,000)
=$44,850
So the Ending Retained Earnings is $
7. Preparing Post Closing Trial Balance:-
Watermelon
Post Closing Trial Balance
December 31,2018
| Accounts | Amount | Amount |
|---|---|---|
| Cash | $7,000 | |
| Accounts Receivable | 5,000 | |
| Allowance for Doubtful Accounts | $1,000 | |
| Supplies | 1,750 | |
| Inventory | 12,000 | |
| Prepaid Insurance | 2,000 | |
| Prepaid Rent | 4,000 | |
| Equipment | 9,000 | |
| Accumulated Depreciation, Equipment | 2,500 | |
| Cars | 21,000 | |
| Accumulated Depreciation, Cars | 9,000 | |
| Accounts Payable | 1,000 | |
| Unearned Service Revenue | 900 | |
| Common Stock | 2,500 | |
| Ending Retained Earnings | 44,850 | |
| Totals | $61,750 | $61,750 |
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Identify each of these costs as fixed, variable, or mixed.
based on how the costs increase or decrease for each problem.
Not each individual cost. Go line by line. Im not sure if this
answers your question.
Based on the increase or decrease on each line. Like go line by
line and determine as the prices change or doesnt change if the
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that answers your question
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