ACC 111 Project 1C

Prepare the Closing Entries for Nicholas Company.

Post the Closing Entries to the General Ledger.

Prepare a Post-Closing Trial Balance.

Please help solve the boxes that are NOT checked with a green outline.

Thank you.

Credit $900 Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Debit Cash $345,572 Petty Cash Fund 4,800 Accounts Receivable 27,700 Merchandise Inventory, 5/1/16 53,500 Store Supplies 10,800 Office Supplies 4,100 Prepaid Insurance 2,933 Land 34,000 Forklift 32,500 Accumulated Depreciation, Forklift Delivery Truck 161,000 Accumulated Depreciation, Delivery Truck Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings 3,800 Sales Revenue Sales Discounts 630 Sales Returns and Allowances 5,300 Purchases 148,200 Purchases Discounts Purchases Returns and Allowances Freight-in 1,830 Salaries Expense 33,000 Utilities Expense 7,900 Repair Supplies Expense 850 Postage Expense 420 Rent Expense 13,500 Depreciation Expense, Delivery Truck 700 Depreciation Expense, Forklift 900 Office Supplies Expense 1,400 Insurance Expense 267 Cash Short & Over 30 1,500 70,300 2,000 26,100 120,500 394,500 267,800 3,832 7,000 Interest Expense Interest Revenue Totals 3,300 4,500 $898,932 $898,932 Ending Merchandise Inventory = $64,000. Nicholas Company Income Statement For the Month Ended May 31, 2016 Net Sales Gross Sales 267800 Less Sales Discounts 630 Sales Returns and Allowances 5300 5930 > Net Sales 261870 Cost of Goods Sold Merchandise Inventory, Beginning 53500 Purchases 148200 Less Purchases Returns and Allowances 7000 Purchases Discounts 3832 10832 Net Purchases 137368 Add Freight-in 1830 Net Cost of Goods Purchased 139198 Cost of Goods Available for Sale 192698 Less Merchandise Inventory, Ending 640001 Cost of Goods Sold 128698 Gross Margin 133172 Operating Expenses Salaries Expense 33000 Utilities Expense 7900 Repair Supplies Expense 850 Postage Expense 420 Interest Expense 3300 Interest Revenue 4500 1200 Net Income / (Loss) 75405 Nicholas Company 7 Owner's Equity Statement For the Month Ended May 31, 2016 Nicholas Ram, Capital, Beginning 394500 $ Add Net Income / (Loss) 75405 Subtotal 469905 $ Less Nicholas Ram, Drawings 3800 Nicholas Ram, Capital, Ending 466105 $ Nicholas Company Balance Sheet May 31, 2016 Assets Current Assets Cash 345572 Petty Cash Fund 4800 Accounts Receivable 27700 Merchandise Inventory 64000 Store Supplies 10800 Office Supplies 4100 Prepaid Insurance 2933 Total Current Assets 459905 Property, Plant, and Equipment Land 34000 Forklift 32500 Less Accumulated Depreciation, Forklift 900 31600 Delivery Truck 161000 Less Accumulated Depreciation, Delivery Truck 1500 159500 Total Property, Plant, and Equipment 225100 > Total Assets 685005 Liabilities and Owner's Equity Liabilities Current Liabilities Accounts Payable 70300 Salaries Payable 2000 Unearned Sales Revenue 26100 Total Current Liabilities 98400 Long-Term Liabilities Notes Payable (Long-Term) 120500 Total Liabilities 218900 Owner's Equity Nicholas Ram, Capital 466105 > Total Liabilities and Owner's Equity 685005 Debit Credit Date Account Titles and Explanation 2016 May 31 Income Summary 271727 Sales Discounts 630 Sales Returns and Allowances 5300 Purchases 148200 Salaries Expense 33000 Utilities Expense 7900 Repair Supplies Expense 850 Postage Expense 420 Rent Expense 13500 Depreciation Expense, Delivery Truck 700 Depreciation Expense, Forklift 900 Office Supplies Expense 1400 Insurance Expense 267 Interest Expense 3300 Cash Short and Over 30 X Merchandise Inventory, Beginning 53500 1830 Freight-in (To close beginning inventory and other income statement accounts with debit balances) 31 Sales Revenues 267800 > Interest Revenue 4500 Purchases Discounts 3832 Purchases Returns and Allowances 7000 X Merchandise Inventory, Ending 64,000 Income Summary 347132 (To record the ending inventory and close the other income statement accounts with credit balances) 31 Income Summary 75405 X Nicholas Ram, Capital 75405 (To close the income summary account) 31 T Nicholas Ram, Capital X > 3800 ... x Nicholas Ram, Drawings 3800 (To close the drawings account) Cash Date Debit Credit Balance 2016 May 31 Balance 345,572 Debit Credit Balance Petty Cash Fund Date 2016 May 31 Balance 4,800 Debit Credit Balance Accounts Receivable Date 2016 May 31 Balance 27,700 Debit Credit Balance Merchandise Inventory Date 2016 May 31 Balance 53,500 31 Closing 53500 64,000 31 Closing 64,000 Store Supplies Date Debit Credit Balance 2016 May 31 Balance 10,800 Debit Credit Balance Office Supplies Date 2016 May 31 Balance 4,100 Debit Credit Balance Prepaid Insurance Date 2016 May 31 Balance 2,933 Debit Credit Balance Land Date 2016 May 31 Balance 34,000 Debit Credit Balance Forklift Date 2016 May 31 Balance 32,500 Debit Credit Balance Accumulated Depreciation, Forklift Date 2016 May 31 Balance 900 Debit Credit Balance Delivery Truck Date 2016 May 31 Balance 161,000 Debit Credit Balance Accumulated Depreciation, Delivery Truck Date 2016 May 31 Balance 1,500 Debit Credit Balance Accounts Payable Date 2016 May 31 Balance 70,300 Debit Credit Balance Salaries Payable Date 2016 May 31 Balance 2,000 Debit Credit Balance Unearned Sales Revenue Date 2016 May 31 Balance 26,100 Debit Credit Balance Notes Payable (Long-Term) Date 2016 May 31 Balance 120,500 Debit Credit Balance Nicholas Ram, Capital Date 2016 May 31 Balance 394,500 31 Closing 394500 0 31 Closing 38001 Debit Credit Balance Nicholas Ram, Drawings Date 2016 May 31 Balance 3,800 31 Closing 3800 0 Debit Credit Balance Sales Revenue Date 2016 May 31 Balance 267,800 31 Closing 267800 0 Debit Credit Balance Sales Discounts Date 2016 May 31 Balance 630 31 Closing 630 Debit Credit Balance Sales Returns and Allowances Date 2016 May 31 Balance 5,300 31 Closing 5300 Purchases Date 2016 Debit Credit Balance May 31 Balance 148,200 31 Closing 148200 0 Debit Credit Balance Purchases Discounts Date 2016 May 31 Balance 3,832 31 Closing 3832 0 NI Debit Credit Balance Purchases Returns and Allowances Date 2016 May 31 Balance 7,000 31 Closing 7000 Debit Credit Balance Freight-In Date 2016 May 31 Balance 1,830 31 Closing 1830 0 Debit Credit Balance Salaries Expense Date 2016 May 31 Balance 33,000 31 Closing 33000 09 Debit Credit Balance Utilities Expense Date 2016 May 31 Balance 7,900 31 Closing 7900 0 > Debit Credit Balance Repair Supplies Expense Date 2016 May 31 Balance 850 31 Closing 850 0 II Debit Credit Balance Postage Expense Date 2016 May 31 Balance 420 31 Closing 420 0 Debit Credit Balance Rent Expense Date 2016 May 31 Balance 13,500 31 Closing 13500 Debit Credit Balance Depreciation Expense, Delivery Truck Date 2016 May 31 Balance 700 31 Closing 700 0 > Debit Credit Balance Depreciation Expense, Forklift Date 2016 May 31 Balance 900 31 Closing 900 0 II Debit Credit Balance Office Supplies Expense Date 2016 May 31 Balance 1,400 31 Closing 1400 0 Debit Credit Balance Insurance Expense Date 2016 May 31 Balance 267 31 Closing 267 Debit Credit Balance Cash Short & Over Date 2016 May 31 Balance 30 31 Closing 30 0 Debit Credit Balance Interest Expense Date 2016 May 31 Balance 3,300 X 31 Closing 3300 0 II Debit Credit Balance Interest Revenue Date 2016 May 31 Balance 4,500 31 Closing 4500 0 Income Summary Date 2016 Debit Credit Balance May 31 Closing 271727 271727 X 31 Closing 347132 347132 x 31 Closing 75405 Nicholas Company Post-Closing Trial Balance May 31, 2016 Debit Credit Cash 345572 Accounts Receivable 27700 Petty Cash Fund 4800 Merchandise Inventory 64000 > Prepaid Insurance 2933 Office Supplies 4100 > Store Supplies 10800 > Delivery Truck 161000 Forklift 32500 Accounts Payable 70300 Accumulated Depreciation, Delivery Truck 1500 Land 34,000 Salaries Payable 2,000 Unearned Sales Revenue 26,100 X Notes Payable (Long-Term) 120500 Accumulated Depreciation, Forklift 900 X Nicholas Ram, Capital 466105 Totals 687405 687405