The ledger accounts of Rapid Speed Internet Company appear as follows on March 31, 2013:
ACCOUNT NO. | ACCOUNT | BALANCE |
101 | Cash | $70,000 |
111 | Accounts Receivable | 15,000 |
121 | Supplies | 9,600 |
131 | Prepaid Insurance | 24,000 |
141 | Equipment | 108,000 |
142 | Accumulated Depreciation—Equipment | 40,320 |
202 | Accounts Payable | 12,000 |
301 | Gloria Bahamon, Capital | 120,000 |
302 | Gloria Bahamon, Drawing | 12,000 |
401 | Fees Income | 325,000 |
510 | Depreciation Expense—Equipment | 20,160 |
511 | Insurance Expense | 10,400 |
514 | Rent Expense | 32,000 |
517 | Salaries Expense | 156,000 |
518 | Supplies Expense | 4,600 |
519 | Telephone Expense | 5,800 |
523 | Utilities Expense | 8,400 |
All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general journal in journalizing the closing entries. Use account number 399 for the Income Summary Account.
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