On December 31, after adjustments, The Taylor Family Farm’s ledger contains the following account balances.
101 | Cash | $171,000 Dr. |
111 | Accounts Receivable | 43,200 Dr. |
121 | Supplies | 18,000 Dr. |
131 | Prepaid Rent | 138,600 Dr. |
141 | Equipment | 216,000 Dr. |
142 | Accumulated Depreciation—Equip. | 5,400 Cr. |
202 | Accounts Payable | 58,500 Cr. |
301 | James Taylor, Capital (12/1/2013) | 344,700 Cr. |
302 | James Taylor, Drawing | 21,600 Dr. |
401 | Fees Income | 324,000 Cr. |
511 | Advertising Expense | 19,800 Dr. |
514 | Depreciation Expense—Equip. | 5,400 Dr. |
517 | Rent Expense | 12,600 Dr. |
519 | Salaries Expense | 64,800 Dr. |
523 | Utilities Expense | 21,600 Dr. |
INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account
3. Post the closing entries to the general ledger accounts.
Analyze: List the accounts affected by closing entries for the month of December.
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