On December 31, after adjustments, The Dexter Family Farm's ledger contains the following account balances. 101 Cash......................................................................................$42,750
Question:
On December 31, after adjustments, The Dexter Family Farm's ledger contains the following account balances.
101 Cash......................................................................................$42,750 Dr.
111 Accounts Receivable.....................................................................10,800 Dr.
121 Supplies.....................................................................................4,500 Dr.
131 Prepaid Rent..............................................................................34,650 Dr.
141 Equipment.................................................................................54,000 Dr.
142 Accumulated Depreciation-Equip......................................................1,350 Cr.
202 Accounts Payable.........................................................................14,625 Cr.
301 Thomas Dexter, Capital (12/1/2019) ...................................................86,175 Cr.
302 Thomas Dexter, Drawing..................................................................5,400 Dr.
401 Fees Income................................................................................81,000 Cr.
511 Advertising Expense.......................................................................4,950 Dr.
514 Depreciation Expense-Equip. ..........................................................1,350 Dr.
517 Rent Expense................................................................................3,150 Dr.
519 Salaries Expense...........................................................................16,200 Dr.
523 Utilities Expense............................................................................5,400 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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Step by Step Answer:
GENERAL JOURNAL PAGE 4 DATE DESCRIPTION POST REF DEBIT CREDIT 1 2019 1 2 Dec 31 Fees Income 401 81 0 0 0 00 2 3 Income Summary 399 81 0 0 0 00 3 5 5 6 31 Income Summary 399 31 0 5 0 00 6 7 Advertising ...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
