1: Roscoe has attempted to journalize the closing entries for Chandler Inc. on the Roscoe's Journa panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that two of the entries are correct, but two are incorrect.

Determine which entries are incorrect and journalize all four of the closing entries for Chandler, Inc. as of Dec.31 in the following journal page.

2: Roscoe is very happy with your work on the closing entries for Chandler, Inc., and asks if you would prepare a post- closing trial balance for the company.

Chart of Accounts ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 15 Prepaid Insurance 43 Interest Revenue 18 Office Equipment 19 Accumulated Depreciation Office Equipment EXPENSES 51 Salaries Expense LIABILITIES 21 Accounts Payable 23 Salaries Payable 52 Selling Expense 53 Income Taxes Expense 55 Insurance Expense 56 Depreciation Expense 59 Miscellaneous Expense 24 Income Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Adjusted Trial Balance Chandler, Inc. ADJUSTED TRIAL BALANCE December 31, 2017 ACCOUNT TITLE DEBIT CREDIT 1 Cash 67,000.00 2 Accounts Receivable 29,000.00 3 Prepaid Insurance 16,000.00 4 Office Equipment 60,000.00 5 Accumulated Depreciation Office Equipment 40,000.00 6,000.00 6 Accounts Payable 7 Salaries Payable 8,000.00 8 Income Taxes Payable 4,000.00 9 Common Stock 2,000.00 10 Retained Earnings 11,000.00 11 Dividends 5,000.00 Adjusted Trial Balance B Income Taxes Payable 9 Common Stock 4,000.00 2,000.00 10 Retained Earnings 11,000.00 11 Dividends 5,000.00 12 Fees Earned 185,600.00 15 Rent Revenue 92,000.00 14 Interest Revenue 17,200.00 15 Salaries Expense 71,000.00 37,600.00 16 Selling Expense 17 Income Taxes Expense 15,000.00 17,000.00 18 Insurance Expense 19 Depreciation Expense 20 Miscellaneous Expense 47,200.00 1,000.00 21 Totals 365,800.00 365,800.00 The Closing Process Roscoe's Journal Chandler, Inc. Chart of Accounts Adjusted Trial Balance Journal Post-Cloning Trial Balance Roscoe has attempted to journalize the closing entries for Chandler, Inc. on this panel. Hor not sure it he's journalised the entries correctly, and asks you to review them. You find that two of the entries are correct, but two are incorrect. Determine which entries are incorrect, and journalze al tour of the closing entries for Chandler, me, as of Dec. 31 on the Journal panel NE 15 JOURNAL ACCOUNTING EQUATION DATE TION POSTRE DEBIT DES Closing Entries CREDIT LABILITIES EQUITY 1 294,800.00 . Dec 31 Incone Summary Fees Earned Rent Revenue 185.600.00 1 T Interest Revenge 97.000.00 17,200.00 1 31 income Summary 188,800.00 Mastery Problem: Completing the Accounting Cycle Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Roscoe's Joumal Fees Earned 185.600.00 T 1 Rent Revue 92,000.00 17,200.00 1 Interest Revenue 31 Income Summary Salaries Expense 188.800.00 1 71,000.00 T Selling Expense 37600.00 1 Income Taxes Expense 1 15.000.00 47,200.00 T 10 11 17,000.00 1 1000.00 1 11 Deprecation Expert Insurance Expense Miscellaneous Expense 31 Retained Earnings Income Summary 31 Betained Camins Olvidents 43360000 1 10 485.600.00 1 11 500000 5.000.00 1 Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Roscoe's Journal Journal Shaded colls have feedback Roscoe has attempted to journalize the closing entries for Chandler, Inc. on the Roscoe's Journal panol. He's not sure it he's journalized the entries correctly, and asks you to review them. You find that two of the entries are correct, but two are incorrect. Datormine which entries are incorrect, and journalize all four of the closing entries for Chandler, Inc. as of Dec. 31 m the following Jouma/page. Question not attempted PAGE 25 JOURNAL Score: 0/185 ACCOUNTING EQUATION DATE POST REF DESIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries 12 3 Post-Closing Trial Balance Shaded cells have feedback The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close Roscoe is very happy with your work on the closing entries for Chandler, me, and asks if you would prepare a post.closing trial balance for the company Question not attempted Chandler, Inc. Score: 0/43 POST-CLOSING TRIAL BALANCE December 31, 2017 ACCOUNT TITLE DEBT CREDIT 1 Cash 2 Accounts Receivable Prepaid Insurance + Office Equipment Accumulated Depreciation Office Equipment Accounts Payable 7 Salaries Payable Post-Closing Trial Balance 3 Prepaid Insurance 4 Office Equipment $ Accumulated Depreciation Office Equipment 6 Accounts Payable 7 Salaries Payable 8 Income Taxes Payable 9 Common Stock 10 Retained Earnings 11 Totals