18. (Chapter 4)

The closing process requires only temporary accounts to be adjusted. Listed below are both temporary and permanent accounts.

1. Owners drawings

2. Rent expense

3. Accounts payable

4. Cash

5. Owners capital

6. Prepaid expense

7. Depreciation expense

8. Land

9. Unearned revenue

10. Service revenue

11. Note payable

12. Income summary

13. Salaries expense

14. Interest payable

15. Accounts receivable

Instructions

State which accounts are permanent (P) or temporary (T).

19. (Chapter 4)

At March 31, 2014, account balances after adjustments for Maddux Cinema are as follows:

Account Balances

Accounts (After Adjustment)

Cash............................................................................................................ $ 6,000

Concession supplies.......................................................................................... 4,000

Theatre equipment.......................................................................................... 50,000

Accumulated depreciationtheatre equipment............................................. 12,000

Accounts payable.............................................................................................. 5,000

N. Maddux, capital......................................................................................... 20,000

N. Maddux, drawings..................................................................................... 12,000

Admission ticket revenues.............................................................................. 60,000

Popcorn revenues............................................................................................ 37,000

Candy revenues............................................................................................... 19,000

Advertising expense........................................................................................ 12,000

Concession supplies expense.......................................................................... 19,000

Depreciation expense........................................................................................ 4,000

Film rental expense......................................................................................... 16,000

Rent expense................................................................................................... 12,000

Salaries expense...................................................................................... ....... 13,000

Utilities expense................................................................................................ 5,000

Instructions

a. Prepare the closing journal entries for Maddux Cinema.

b. Prepare a post-closing trial balance.