On December 31, after adjustments, The Jackson Family Farms ledger contains the following account balances. 101 Cash
Question:
On December 31, after adjustments, The Jackson Family Farm’s ledger contains the following account balances.
101 Cash .................$85,500 Dr.
111 Accounts Receivable .......... 21,600 Dr.
121 Supplies ............... 9,000 Dr.
131 Prepaid Rent ............. 69,300 Dr.
141 Equipment .............. 108,000 Dr.
142 Accumulated Depreciation—Equip. .... 2,700 Cr.
202 Accounts Payable ........... 29,250 Cr.
301 Taylor Jackson, Capital (12/1/2016) ....172,350 Cr.
302 Taylor Jackson, Drawing........ 10,800 Dr.
401 Fees Income .............162,000 Cr.
511 Advertising Expense ...........9,900 Dr.
514 Depreciation Expense—Equip. .......2,700 Dr.
517 Rent Expense .............6,300 Dr.
519 Salaries Expense ............ 32,400 Dr.
523 Utilities Expense........... 10,800 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:
1 No A thorough analysis of the components of the income statement would reveal how ...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
