On December 31, after adjustments, The Taylor Family Farm's ledger contains the following account balances.

101 Cash.................................................$171,000 Dr.

111 Accounts Receivable.................................43,200 Dr.

121 Supplies................................................18,000 Dr.

131 Prepaid Rent.........................................138,600 Dr.

141 Equipment...........................................216,000 Dr.

142 Accumulated Depreciation-Equip.................5,400 Cr.

202 Accounts Payable....................................58,500 Dr.

301 James Taylor, Capital (12/1/2013)...............344,700 Cr.

302 James Taylor, Drawing..............................21,600 Dr.

401 Fees Income.........................................324,000 Cr.

511 Advertising Expense.................................19,800 Dr.

514 Depreciation Expense-Equip.......................5,400 Dr.

517 Rent Expense.........................................12,600 Dr.

519 Salaries Expense.....................................64,800 Dr.

523 Utilities Expense.....................................21,600 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.

Transcribed Image Text:

Cedar Canyon Nursery and Landscape Worksheet Month Ended December 31,2013 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEDIT 648 0000 12 000 12 00 0 00 18 00olo0 CREDIT CREDIT 1 Cash Accounts Receivable Supplies Prepoid Advertising (a) 6 000 00 b) 2 400 00 120 000 00 (c)300 0 Accumulated Depveciation Equipment Accounts Payable Randy Scott, Capito Randy Scott, Drawing 18000 00 164 4 00 00 16 8 00 00 93 600 00 o Fees Income 11 Supplies Expense 12 Advertising Expense 13 Depreciation Expense-Equipment 4 Salaries Expense 1s Utilities Expense | (a) δ!0100100 (b) 2 400 00 28 8 0 0 00 60 p 00 Totals 276 00 000276 000 0011 4000011 40 0 00 17 Net Income 19