ACC 124 Principles of Accounting Ch 6 Closing Process ACE Co. AJEs Information Fiscal Year-End June 30, 2010 Unadjusted trial balance information is provided on Worksheet 1 if needed. Prepare AJEs and the balance of Accounting Cycle steps. AJE 1 The supplies available at the end of the fiscal year is $3,300. AJE 2 The cost of expired insurance for the year is $3,800. AJE 3 The annual depreciation for equipment is $8,400. AJE 4 A utility bill for $650 arrived on the last day of the fiscal year. AJE 5 The company's employees earned $1,800 in the last week. Accrue the wages. AJE 6 Rent expense incurred but not yet paid is $500. Accrue the rent. Ch 6 Closing Process ACE CO. AJES No. Date Credit 1160 3800 5400 Account and Description Debit 10130 ANOPlies Expense acut. (600 ANIDDITAS to record cost of supplies 10130 inance expense acet 3800 prepard niyance TORU Tamance 0100 Deprecanon acct. 8400 nep. quamvided - equip TO Tera equipment foreciation 0130 Nhly expenre doct Vinter povagle 10 record expense bine 10120 Nodes Expenselacct. 1500 milloes.pan To precard procured wagas 0 0130 kent expense bicet OLAL. Povable To read faceret expenses 1050 Totals Ch 6 Closing Process ACE Co. CJES Debit Credit Date No. 1 1137,100 132100 99900 QUITO Account and Description 0130 breve li come cum ITO Cute reonne acu. 20130 income SmYYY wage expense insurance Expense Lant expense sonnes expense Depay expense orecidnon expense . 110 dole expensez acom 3800 si (1200 11540 8400 como income, sonary 1140 ARCO IMPIA 09120 Ho close inunie summary oce 4000 AM.CO - TITOT 34000 The Co withdrawat Itano 10 cose Income summary out 1741100 297200 Totals ACC 124 Principles of Accounting | Ch 6 Closing Process ACE Co. Worksheet 1 Unadjusted T/B Dr Cr 18,500 9,900 7,200 132,000 26,250 31,800 1800 No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 Capital 302 Withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 Insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 88,660 Adjusting JE's Adjusted T/B Income Statement Dr Cr Balance Sheet Dr Cr Dr Cr Dr Cr TX900 USU Tod 1400 n 800 5400 3400 2.400 T1000 177000 8400 34050 134060 650 21A50 900 L2950 no GOU 18.00 KOU 3060 22 000 123600 13200 WITO 18400 154000 191410 61410 IV.500 10500 1010 010 HIVA 60540 33,000 132,100 X400 1600 49,610 3800 2600 12,000 600 4500 1900 c00 ... 10,710 5,890 Totals 278,810 278,810 21150.11150 1901 190160 99900 1200 199 200 IS ON Net profit:7190 71140 -144600 190200 190900 ACC 124 Principles of Accounting! Ch 6 Closing Process ACE Co. Worksheet 2 Closing JE's Dr Cr Adjusted T/B Dr Cr TVU 240 13900 194050 Post Closing T/B Dr Cr 16500 240 1400 27000 1140501 DASTUTI Lot 31,450 200 100 VVO IKUU 190,00 No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 Ace capital 302 V Ace withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 Insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 699 income summary Income summary Income summary ta n.000 15400 64 1140 22000 137100137110 6400 540 EXO 3300 MON 100 su 010 TUTTO fengu 0540 GELD 37440 duu do 29120 Totals CH 6 KEY AMOUNTS 1 Accounting Cycle Step Dancing QB MD Service Ace Co. 1 ANALYZE TRANSACTION: 2 JE TOTAL: 3 T-ACCOUNTS: 4 Worksheet UNADJUSTED T/B Total DR/CR: 278,810 5 ADJUSTING JES Total DR/CR: 21,750 6 Worksheet1 AJE Total DR/CR: 21,750 7 Worksheet1 ADJUSTED T/B Total DR/CR: 8,770 483, 100 290,160 8 Worksheet1 INC STMT NET PROFIT/LOSS: 32,140 Profit 190,200 9 Worksheet1 BAL SHT Total DR/CR: 10 CLOSING JES Total DR/CR: 297,200 5,420 11 Worksheet2 CJE Total DR/CR: 421,200 297,200 5,810 285,600 157,200 12 Worksheet2 POST CLOSING T/B Total DR/CR: ACC 124 Principles of Accounting Ch 6 Closing Process ACE Co. AJEs Information Fiscal Year-End June 30, 2010 Unadjusted trial balance information is provided on Worksheet 1 if needed. Prepare AJEs and the balance of Accounting Cycle steps. AJE 1 The supplies available at the end of the fiscal year is $3,300. AJE 2 The cost of expired insurance for the year is $3,800. AJE 3 The annual depreciation for equipment is $8,400. AJE 4 A utility bill for $650 arrived on the last day of the fiscal year. AJE 5 The company's employees earned $1,800 in the last week. Accrue the wages. AJE 6 Rent expense incurred but not yet paid is $500. Accrue the rent. Ch 6 Closing Process ACE CO. AJES No. Date Credit 1160 3800 5400 Account and Description Debit 10130 ANOPlies Expense acut. (600 ANIDDITAS to record cost of supplies 10130 inance expense acet 3800 prepard niyance TORU Tamance 0100 Deprecanon acct. 8400 nep. quamvided - equip TO Tera equipment foreciation 0130 Nhly expenre doct Vinter povagle 10 record expense bine 10120 Nodes Expenselacct. 1500 milloes.pan To precard procured wagas 0 0130 kent expense bicet OLAL. Povable To read faceret expenses 1050 Totals Ch 6 Closing Process ACE Co. CJES Debit Credit Date No. 1 1137,100 132100 99900 QUITO Account and Description 0130 breve li come cum ITO Cute reonne acu. 20130 income SmYYY wage expense insurance Expense Lant expense sonnes expense Depay expense orecidnon expense . 110 dole expensez acom 3800 si (1200 11540 8400 como income, sonary 1140 ARCO IMPIA 09120 Ho close inunie summary oce 4000 AM.CO - TITOT 34000 The Co withdrawat Itano 10 cose Income summary out 1741100 297200 Totals ACC 124 Principles of Accounting | Ch 6 Closing Process ACE Co. Worksheet 1 Unadjusted T/B Dr Cr 18,500 9,900 7,200 132,000 26,250 31,800 1800 No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 Capital 302 Withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 Insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 88,660 Adjusting JE's Adjusted T/B Income Statement Dr Cr Balance Sheet Dr Cr Dr Cr Dr Cr TX900 USU Tod 1400 n 800 5400 3400 2.400 T1000 177000 8400 34050 134060 650 21A50 900 L2950 no GOU 18.00 KOU 3060 22 000 123600 13200 WITO 18400 154000 191410 61410 IV.500 10500 1010 010 HIVA 60540 33,000 132,100 X400 1600 49,610 3800 2600 12,000 600 4500 1900 c00 ... 10,710 5,890 Totals 278,810 278,810 21150.11150 1901 190160 99900 1200 199 200 IS ON Net profit:7190 71140 -144600 190200 190900 ACC 124 Principles of Accounting! Ch 6 Closing Process ACE Co. Worksheet 2 Closing JE's Dr Cr Adjusted T/B Dr Cr TVU 240 13900 194050 Post Closing T/B Dr Cr 16500 240 1400 27000 1140501 DASTUTI Lot 31,450 200 100 VVO IKUU 190,00 No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 Ace capital 302 V Ace withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 Insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 699 income summary Income summary Income summary ta n.000 15400 64 1140 22000 137100137110 6400 540 EXO 3300 MON 100 su 010 TUTTO fengu 0540 GELD 37440 duu do 29120 Totals CH 6 KEY AMOUNTS 1 Accounting Cycle Step Dancing QB MD Service Ace Co. 1 ANALYZE TRANSACTION: 2 JE TOTAL: 3 T-ACCOUNTS: 4 Worksheet UNADJUSTED T/B Total DR/CR: 278,810 5 ADJUSTING JES Total DR/CR: 21,750 6 Worksheet1 AJE Total DR/CR: 21,750 7 Worksheet1 ADJUSTED T/B Total DR/CR: 8,770 483, 100 290,160 8 Worksheet1 INC STMT NET PROFIT/LOSS: 32,140 Profit 190,200 9 Worksheet1 BAL SHT Total DR/CR: 10 CLOSING JES Total DR/CR: 297,200 5,420 11 Worksheet2 CJE Total DR/CR: 421,200 297,200 5,810 285,600 157,200 12 Worksheet2 POST CLOSING T/B Total DR/CR