MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows:...
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MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. Account 101 Cash Debit $ 28,300 Credit 124 Shop supplies 1,950 128 Prepaid insurance 4,500 167 Equipment 89,500 168 Accumulated depreciation, equipment $ 7,800 201 Accounts payable 19,300 210 Wages payable 301 Mike Yang, capital 9,160 143,000 302 Mike Yang, withdrawals 37,500 401 Repair revenue 160,330 612 Depreciation expense, equipment 8,800 623 Wages expense 104,800 637 Insurance expense 2,050 640 Rent expense 53,850 650 Office supplies expense 5,100 690 Utilities expense 3,240 Required Totals $339,590 $339,590 1. Prepare closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record closing of revenue to the income summary. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal > View transaction list Journal entry worksheet < 1 2 3 4 Record the closing of expense accounts to income summary. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 Record the closing of income summary to capital. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the closing withdrawals to capital. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit > Record entry Clear entry View general journal 2. Prepare the post-closing trial balance at December 31, 2023. Totals MY AUTOBODY Post-Closing Trial Balance December 31, 2023 Debit Credit MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. Account 101 Cash Debit $ 28,300 Credit 124 Shop supplies 1,950 128 Prepaid insurance 4,500 167 Equipment 89,500 168 Accumulated depreciation, equipment $ 7,800 201 Accounts payable 19,300 210 Wages payable 301 Mike Yang, capital 9,160 143,000 302 Mike Yang, withdrawals 37,500 401 Repair revenue 160,330 612 Depreciation expense, equipment 8,800 623 Wages expense 104,800 637 Insurance expense 2,050 640 Rent expense 53,850 650 Office supplies expense 5,100 690 Utilities expense 3,240 Required Totals $339,590 $339,590 1. Prepare closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record closing of revenue to the income summary. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal > View transaction list Journal entry worksheet < 1 2 3 4 Record the closing of expense accounts to income summary. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 4 Record the closing of income summary to capital. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the closing withdrawals to capital. Note: Enter debits before credits. Date Dec. 31, 2023 Account Title Debit Credit > Record entry Clear entry View general journal 2. Prepare the post-closing trial balance at December 31, 2023. Totals MY AUTOBODY Post-Closing Trial Balance December 31, 2023 Debit Credit
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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