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

Required
If you are using Working Papers, complete the following:
1. a. Write the owner's name on the Capital and Drawing T accounts.
b. Record the account balances in the T accounts for owner's equity, revenue, and expenses.
2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
3. 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 through 4.

Transcribed Image Text:

ADJUSTED TRIAL BALANCE 6 ACCOUNT NAME 7 Cash 8 Accounts Receivable 9 Supplies 10Prepaid Insurance 11 Office Equipment 12 Accumulated Depreciation, Office Equipment 13Accounts Payable 14 M. Wally, Capital 15 M. Wally, Drawing 16 Commissions Earned 17Rent Expense 18 Supplies Expense 19 Depreciation Expense, Office Equipment 20 Utilities Expense 21 Miscellaneous Expense DEBIT CREDIT 2,029.00 886.00 400.00 1,460.00 4,672.00 1,170.00 943.00 9,221.00 1,600.00 1,99700 990.00 480.00 420.00 286.00 108.00 13,331.00 13,331.00 23 \ Sheet1 , Sheet2 〈 Sheet3