8205 March 31, 2017 CR 11 D 1 Closing Problem The ledger accounts of E-Resources appear as folows on March 31, 2 2018 3 All accounts have normal balances. Journalize and post the closing entries The adjusted trial balance balances have been entered into the General Ledgers accounts for you. 5 1. Journal the closing entries 6 2. Post the closing entries to the GL accounts 7 Include revenue, expenses and draw & 3. Prepare a post closing trial balance 9 10 TRIAL BALANCE Adjusted Trail Balance DR 12 Cash 80,000 13 accounts rec 58,820 14 Supplies 10.600 15 Ppd Insurance 25,000 16 Equipment 118,000 17 Accum Drp Equip 41,320 18 Accounts Payable 13,000 19 Capital 130,000 20 Draw 13,000 21 Fee income 374,460 22 Depr expense eg 21,160 23 Salary expense 166,000 24 Insurance expense 11,400 25 Rent expense 33,000 26 Supply expense 5,600 27 Telephone expense 6,800 28 utilities expense 9,400 29 558,780 558,780 Pagteno 1 Totals 30 Closing Problem Financial account Uni Unit 4 Assignment - Clipboard Font Alignment B205 fi March 31, 2017 A B C D E G 34 35 36 37 Prepare the Closing Entries 38 Closing entries 39 Account title 40 1 Debit Credit 1 41 42 43 2 44 45 46 47 48 49 50 51 52 3 53 54 55 4 56 Danone 57 Enter the beginning balances from the trail balance into the General Ledger 58 Post the Closing Entries to the General Ledger 59 ill = Format Painter IT + Merge & Center Clipboard Font Alignment B205 March 31, 2017 B G D General Ledger 60 61 Cash Ref 62 Debit Credit Balance 80,000 63 64 65 66 67 68 accounts receivable Ref Debit Credit 69 Balance 58,820 70 71 72 73 74 75 76 77 Equipment Ref Debit 78 Credit Balance 118,000 79 80 81 82 05 84 Accum Depr EQ Ref Debit 85 Credit Balance 41,320 86 87 88 89 3205 f March 31, 2017 A G D U G Supplies Ref Debit 2 Credit Balance 10,600 3 4 5 99 PPd Insurance Ref Debit Page 3 9 Credit Balance 25,000 00 01 2 03 05 Accounts Payable Ref Debit 06 Credit Balance 13,000 07 08 09 10 T 12 Capital Ref Debit Credit 13 14 Balance 130,000 15 16 17 18 19 Drawing Ref Debit 20 Credit Balance 13,000 21 22 23 24 Closing Problem unti Init4 Assignment - Clipboard Font Alignment 5 B205 March 31, 2017 A D G H 126 B Fee Income Ref Debit 127 Credit Balance 374,460 128 129 130 131 133 Rent Expense Ref Debit 134 Credit 135 Balance 33,000 136 137 138 159 140 Salary Expense Ref Debit Page 4 141 Credit 142 Balance 166,000 143 144 145 140 147 Telephone Expense Ref Debit 148 Credit Balance 6,800 149 150 151 152 3 + 154 Utilties Expense Ref Debit 155 Credit Balance 9,400 156 157 158 159 160 Clipboard Font Alignment B205 March 31, 2017 A D H 161 Depreciation expense Ref Debit Credit 162 163 Balance 21,160 164 165 166 167 168 Insurance Expense Ref Debit 169 Credit Balance 11,400 170 171 172 173 174 175 176 177 Supplies Expense Ref Debit Credit Balance 5,600 178 179 180 Page 5 181 182 Income Summary Ref Debit 183 Credit Balance 184 185 186 187 188 189 190 191 192 193 194 Closing Problem X Financial account Uni... Unit 4 Assignment - Clipboard Font Alignment B205 March 31, 201X B D G 197 198 199 200 203 201 Prepare the Post Closing Trial Balance 202 Resources 204 Post Closing Trial balance March 31, 2017 206 Accounts Debit 207 205 Credit 208 209 210 211 212 213 214 215 216 217 218 219 220 Page 6 221 222 223 224 225 Totals 226 227 228 229 230 Closing Problem Financial account Uni... Unit 4 Assignment