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Below is an alphabetical list of the adjusted accounts of Blossom Tour Company at its year end, December 31, 2021. All accounts have normal balances.
Below is an alphabetical list of the adjusted accounts of Blossom Tour Company at its year end, December 31, 2021. All accounts have normal balances. Accounts payable $ 7,380 Interest receivable $100 Accounts receivable 3,580 Interest revenue 1,100 Accumulated depreciation equipment 15,000 Notes payable 40,000 Cash 4,500 Notes receivable 18,410 Depreciation expense 10,000 Patents 15,040 Equipment 50,000 Prepaid insurance 2,900 F. Blossom, capital 17,340 Service revenue 65,010 F. Blossom, drawings 33,000 Short-term investments 2,700 Insurance expense 1,500 Supplies 3.100 Interest expense 2.870 Supplies expense 2.400 Interest payable 770 Unearned revenue 3,500 Additional information: 1. In 2022, $3,000 of the notes payable becomes due. 1. In 2022, $3,000 of the notes payable becomes due. 2. The note receivable is due in 2023. 3. On July 18, 2021, Fred Blossom invested $3,300 cash in the business. (a) Your answer is partially correct. Prepare closing journal entries and calculate the post-closing balance in F. Blossom, Capital on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Revenue 1,100 Service Revenue 65,010 Income Summary 66,110 Dec. 31 Income Summary 16,770 Depreciation Expense 10,000 Insurance Expense 1,500 Interest Expense 2,870 Supplies Expense 2,400 (To close expense accounts) Dec. 31 Income Summary 49,340 F. Blossom, Capital 49,340 (To close income summary) Dec. 31 F. Blossom, Capital 33,000 F. Blossom, Drawings 33,000 (To close drawings account) F. Blossom, Capital
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