ACCOUNT CASH GENERAL LEDGER ACCOUNT NO. 11 BALANCE DATE ITEM POST. DEBIT CREDIT REF. DEBIT DEC 1 1 10,000 10,000 1 1 3,000 7,000 2 1 1,820 5,180 3 1 650 4,530 5 1 3,700 8,230 10 1 8,000 16,230 14 1 1,300 14,930 15 1 1,200 13,730 16 2 14,000 27,730 18 2 1,510 26,220 24 2 6,620 32,840 28 2 405 32,435 29 2 1,200 31,235 30 2 13,400 44,635 31 2 310 44,325 31 2 6,000 38,325 31 2 2,150 40,475 ACCOUNT ACCOUNTS RECEIVABLE Page 1 of 4 CREDIT ACCOUNT NO. 12 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT DEC 1 1 6,200 6,200 5 1 3,700 2,500 15 1 16,250 18,750 21 2 4,500 23,250 30 2 13,400 9,850 31 2 4,500 14,350 ACCOUNT SUPPLIES DATE DEC 1 18 31 Adjusting ACCOUNT NO. 13 POST. BALANCE ITEM DEBIT CREDIT REF. DEBIT CREDIT 1 2,000 2,000 2 1,510 3,510 3 3,060 450 Begin by preparing the financial statements using the adjusted trial balance report. Then, journalize the 2 closing entries. Post each line from the journal to the appropriate accounts in the ledger. Remember to enter posting references in the journal and the ledger. Don't forget to include "Closing" in the "item" field of the ledger. You should update your balance for each account every time an entry is posted to that account. When posting is complete, prepare the post closing trial balance report using the last balance in each ledger account. Only list accounts with a balance. Don't forget to total each column to verify that the debits equal the credits. (Hint: you will not include any of the revenue, expense, or drawing accounts because the balances should be 0.) On Point Accounting Services Adjusted Trial Balance December 31, 2021 DESCRIPTION DEBIT CREDIT Cash Accounts receivable Supplies Prepaid rent 40,475 14,350 450 1,500 Prepaid insurance 1,520 Office Equipment 5,860 Accumulated Depreciation 70 Accounts payable 1,460 Salaries payable 110 Unearned Fees 4,600 Allen Richards, Capital 21,300 Allen Richards, Drawing 6,000 Fees Earned 51,420 Salary expense 2,510 Rent expense 1,500 Supplies expense 3,060 Depreciation Expense 70 Insurance expense 300 Utilities expense 715 Misc. expense 650 78,960 78,960 Income Statement 2 3 4 5 7 8 9 10 11 12 13 DATE DESCRIPTION JOURNAL DEBIT POST. REF. PAGE CREDIT 9 10 11 12 13 14 15 14 15 16 17 18 19 20 21 22 16 17 18 19 20 21 22 POST CLOSING TRIAL BALANCE ACCOUNT NAME DEBIT BALANCES CREDIT BALANCES ACCOUNT KARI DAVIS, CAPITAL DATE DEC 1 ITEM POST. DEBIT CREDIT REF. 1 ACCOUNT KARI DAVIS, DRAWING DATE DEC 28 ITEM ACCOUNT FEES EARNED ACCOUNT NO. 31 Page 3 of 4 BALANCE DEBIT CREDIT 21,300 21,300 ACCOUNT NO. 32 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 2 6,000 6,000 ACCOUNT NO. 41 DATE ITEM POST. BALANCE DEBIT CREDIT REF. DEBIT CREDIT DEC 15 1 16,250 16,250 16 2 14,000 30,250 21 2 4,500 34,750 24 2 6,620 41,370 31 2 2,150 43,520 31 2 4,500 48,020 31 Adjusting 3 3,400 51,420 ACCOUNT SALARY EXPENSE DATE DEC 15 29 31 Adjusting ACCOUNT NO. 51 BALANCE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 1 1,200 1,200 2 1,200 2,400 3 110 2,510 ACCOUNT RENT EXPENSE DATE DEC 31 Adjusting ACCOUNT NO. 52 ITEM POST. REF. BALANCE DEBIT CREDIT DEBIT 3 1,500 1,500 CREDIT ACCOUNT SUPPLIES EXPENSE DATE DEC 31 Adjusting POST. ITEM DEBIT REF. 3 3,060 ACCOUNT DEPRECIATION EXPENSE DATE ITEM DEC 31 Adjusting ACCOUNT INSURANCE EXPENSE ACCOUNT NO. 53 BALANCE CREDIT DEBIT CREDIT 3,060 ACCOUNT NO. 54 Page 4 of 4 POST. REF. BALANCE DEBIT CREDIT DEBIT CREDIT 3 70 70 ACCOUNT NO. 55 BALANCE POST. DATE ITEM DEBIT CREDIT REF. DEBIT CREDIT DEC 31 Adjusting 3 300 300 ACCOUNT UTILITIES EXPENSE ACCOUNT NO. 57 DATE POST. BALANCE ITEM DEBIT CREDIT REF. DEBIT CREDIT DEC 28 2 405 405 31 2 310 715 ACCOUNT MISCELLANEOUS EXPENSE DATE DEC 3 POST. ITEM DEBIT REF. 1 650 ACCOUNT NO. 59 BALANCE CREDIT DEBIT 650 CREDIT ACCOUNT PREPAID RENT DATE ITEM POST. DEBIT REF. 1 3,000 3 DEC 1 31 Adjusting ACCOUNT PREPAID INSURANCE DATE ITEM POST. REF. DEBIT 1 1,820 3 DEC 2 31 Adjusting ACCOUNT OFFICE EQUIPMENT DATE DEC 1 6 ACCOUNT NO. 14 CREDIT 1,500 DEBIT BALANCE 3,000 1,500 CREDIT 300 Page 2 of 4 CREDIT ACCOUNT NO. 15 BALANCE DEBIT CREDIT 1,820 1,520 ACCOUNT NO. 18 BALANCE ITEM POST. DEBIT CREDIT REF. DEBIT 1 3,100 1 2,760 3,100 5,860 ACCOUNT ACCUMULATED DEPRECIATION CREDIT ACCOUNT NO. 19 BALANCE POST. DATE ITEM DEBIT CREDIT REF. DEBIT CREDIT DEC 31 Adjusting 3 70 70 ACCOUNT ACCOUNTS PAYABLE DATE DEC 6 14 ACCOUNT NO. 21 ITEM POST. BALANCE DEBIT CREDIT REF. DEBIT CREDIT 1 2,760 2,760 1 1,300 1,460 ACCOUNT SALARIES PAYABLE ACCOUNT NO. 22 POST. BALANCE DATE ITEM DEBIT CREDIT REF. DEBIT CREDIT DEC 31 Adjusting 3 110 110 ACCOUNT UNEARNED FEES DATE DEC 10 31 Adjusting POST. ITEM DEBIT CREDIT REF. 1 3 3,400 ACCOUNT NO. 23 BALANCE DEBIT CREDIT 8,000 8,000 4,600 ACCOUNT CASH GENERAL LEDGER ACCOUNT NO. 11 BALANCE DATE ITEM POST. DEBIT CREDIT REF. DEBIT DEC 1 1 10,000 10,000 1 1 3,000 7,000 2 1 1,820 5,180 3 1 650 4,530 5 1 3,700 8,230 10 1 8,000 16,230 14 1 1,300 14,930 15 1 1,200 13,730 16 2 14,000 27,730 18 2 1,510 26,220 24 2 6,620 32,840 28 2 405 32,435 29 2 1,200 31,235 30 2 13,400 44,635 31 2 310 44,325 31 2 6,000 38,325 31 2 2,150 40,475 ACCOUNT ACCOUNTS RECEIVABLE Page 1 of 4 CREDIT ACCOUNT NO. 12 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT DEC 1 1 6,200 6,200 5 1 3,700 2,500 15 1 16,250 18,750 21 2 4,500 23,250 30 2 13,400 9,850 31 2 4,500 14,350 ACCOUNT SUPPLIES DATE DEC 1 18 31 Adjusting ACCOUNT NO. 13 POST. BALANCE ITEM DEBIT CREDIT REF. DEBIT CREDIT 1 2,000 2,000 2 1,510 3,510 3 3,060 450