Assignment: Rocky Ram, Inc. Practice Set Overview

1. Prepare the closing journal entries. Close all temporary accounts (i.e. revenue, contra-revenues, expenses, and cost of goods sold; and close the dividends and income summary accounts). Remember to skip a line between each journal entry and use CJ1, CJ2 and CJ3 and so forth

Rocky Ram, Inc.
Closing Journal Entries
			Acct. Ref.
Trans.	Account Name		Number	Debit	Credit
CJ1

3 1231/2018 Adjusted Trial Balanc Income Statement Unadjusted Trial Balance Balance Shect Cr Dr Account Titles 1020 Cash in Savings Account 153,000 1035 Allowance for Doubtful Accounts 1040 Merchandise Inventory 1050 Prepaid Insurance 190,000 190.000 1,000 1515 Accum. Depr. -Office Equip 1520 Land 380,000 380,000 1535 Accum Depr Bldg 2010 Accounts Payable 2020 Wages & Salaries Payable 2030 Unearned Rent Revenue 2040 Interest Payable 2050 Income Taxes Payable 2500 Dividends Payable 2700 Notes Payable 2800 Mortgage Notes Payable 3000 Common Stock 32.500 9,000 6 3,000 10 200,000 190,000 470,000 3800 Retained Earnings 3900 Dividends 2.372,200 4010 Sales Revenue 4100 Sales Retums and Allowance 4150 Sales Discounts 5010 Cost of Goods Sold 17.200 1,338 075 1338075 748,500 74B.500 6000 Wage & Salary E 6010 Insurance E 83,800 6020 Utilities Expense 6030 Supplies Expense 6040 Depreciation Expense Bldg 6050 Depreciation Expense -Et 6060 Bad Debt Expense 7100 Interest Revenue 7150 Rent Revenue 81 325 3438.8773438 8 2.305.175 2375.802 1,133,7021063,075 375.952 3.375.952. 81,325 | 3 1231/2018 Adjusted Trial Balanc Income Statement Unadjusted Trial Balance Balance Shect Cr Dr Account Titles 1020 Cash in Savings Account 153,000 1035 Allowance for Doubtful Accounts 1040 Merchandise Inventory 1050 Prepaid Insurance 190,000 190.000 1,000 1515 Accum. Depr. -Office Equip 1520 Land 380,000 380,000 1535 Accum Depr Bldg 2010 Accounts Payable 2020 Wages & Salaries Payable 2030 Unearned Rent Revenue 2040 Interest Payable 2050 Income Taxes Payable 2500 Dividends Payable 2700 Notes Payable 2800 Mortgage Notes Payable 3000 Common Stock 32.500 9,000 6 3,000 10 200,000 190,000 470,000 3800 Retained Earnings 3900 Dividends 2.372,200 4010 Sales Revenue 4100 Sales Retums and Allowance 4150 Sales Discounts 5010 Cost of Goods Sold 17.200 1,338 075 1338075 748,500 74B.500 6000 Wage & Salary E 6010 Insurance E 83,800 6020 Utilities Expense 6030 Supplies Expense 6040 Depreciation Expense Bldg 6050 Depreciation Expense -Et 6060 Bad Debt Expense 7100 Interest Revenue 7150 Rent Revenue 81 325 3438.8773438 8 2.305.175 2375.802 1,133,7021063,075 375.952 3.375.952. 81,325 |