After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following account balances on May 31:

Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through4.

Transcribed Image Text:

ADJUSTED TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Cash 2.018.00 300.00 1,408.00 987.00 5,790.00 Supplies 9 Accounts Receivable 10Prepaid Insurance 11 Office Equipment 12 Accumulated Depreciaton, Ofice Equipment 13 Accounts Payable 14 B. Lyon, Capital 15 B.Lyon, Drawing 16 Commissions Earned 17 Rent Expense 18 Supplies Expense 19 Depreciation Expense, Office Equipment 20 Utiliies Expense 21 Miscellaneous Expense 1,372.00 880.00 7,520.00 1,550.00 4,679.00 995.00 575.00 462.00 269.00 97.00 14451.00 14451.00 23 Sheet SheetSheet3