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Can someone please help me journal these? I am very unsure of myself so any help would be awesome. Thanks so much! Comprehensive Problem 1
Can someone please help me journal these? I am very unsure of myself so any help would be awesome. Thanks so much!
Comprehensive Problem 1 Part 9: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional. Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank. Date Account Name Post. Ref. Debit Credit 20Y8 Closing Entries May 31 Fees Earned 41 40,000 Salary Expense 51 1,705 Rent Expense 52 1,600 Supplies Expense 53 1,370 Depreciation Expense 54 330 Insurance Expense 55 275 Miscellaneous Expense 59 1,295 Retained Earnings 32 33,425 May 31 Retained Earnings 32 10,500 Dividends 33 10,500 The following ledger accounts appear below, in this order: Fees Earned, Salary Expense, Rent Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Miscellaneous Expense The entries in the ledgers will not grade or mark correct or incorrect. LEDGERS - Income Statement accounts Fees Earned 41 Balance Post Ref. Date Item Dr. Cr. Dr. Cr. 5/31 Fees Earned 41 40,000 40,000 Salary Expense 51 Balance Date Post Ref. Item Dr. Cr. Dr. Cr. Rent Expense 52 Post Ref. Date Item Dr. Balance Cr. Cr. Dr. Supplies Expense 53 Balance Post Ref. Date Item Dr. Cr. Dr. Cr. Depreciation Expense 54 Balance Post Ref. Date Item Dr. Cr. Dr. Cr. Insurance Expense 55 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Miscellaneous Expense 59 Balance Post Ref. Date Item Dr. Cr. Dr. CrStep by Step Solution
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