Can you please help me find the Closing journal entries and ledger account?
1. BACK GROUND: Tony's Toys was incorporated on January 1,2011 with Page 2 sI par value common stock authorizcd. All 20.000 The company's accounting period ends on December 31 of each year. ACCOUNTING POLICIES: The company uses the foll principles in presenting financial information: 2. 3. shares of shares have been issued. a. INVENTORY VALUATIO owing generally accepted accounting Physical counts are conducted N - First-in, first-out method on a perpetual basis. value of merchandise inventory on hand. DEPRECIATION - Straight-line. at the end of the year to determine the quantity and b. 4. As of the close of business on December 31,2016, th balance e company had the following trial Tony's Toys Post-Closing Trial Balance As of December 31, 2016 Acct # Account Title Credit Debit $ 30,500 $19,400 S 53,600 $ 66,000 1110 Cash 1120 Accounts Receivable 1130 Merchandise Inventory 1230 Equipment 1231 Accumulated Depreciation- Equipment 2110 Accounts Payable 2210 Income Tax Payable 3010 Common Stock ($1 Par) 3020 Paid-In Capital in Excess of Par 3030 income Summary 3040 Retained Earnings 4010 Sales Revenue 5020 Cost of Goods Sold 6010 Salaries & Wages Expense 6060 Telephone&Utility Expense 6070 Rent Expense $17,820 $17,000 $ 20,000 $ 54,500 $ 60,180 6120 Depreciation Expense- Equipment 6410 Income Tax Expense Total 169,500 169,500 1. BACK GROUND: Tony's Toys was incorporated on January 1,2011 with Page 2 sI par value common stock authorizcd. All 20.000 The company's accounting period ends on December 31 of each year. ACCOUNTING POLICIES: The company uses the foll principles in presenting financial information: 2. 3. shares of shares have been issued. a. INVENTORY VALUATIO owing generally accepted accounting Physical counts are conducted N - First-in, first-out method on a perpetual basis. value of merchandise inventory on hand. DEPRECIATION - Straight-line. at the end of the year to determine the quantity and b. 4. As of the close of business on December 31,2016, th balance e company had the following trial Tony's Toys Post-Closing Trial Balance As of December 31, 2016 Acct # Account Title Credit Debit $ 30,500 $19,400 S 53,600 $ 66,000 1110 Cash 1120 Accounts Receivable 1130 Merchandise Inventory 1230 Equipment 1231 Accumulated Depreciation- Equipment 2110 Accounts Payable 2210 Income Tax Payable 3010 Common Stock ($1 Par) 3020 Paid-In Capital in Excess of Par 3030 income Summary 3040 Retained Earnings 4010 Sales Revenue 5020 Cost of Goods Sold 6010 Salaries & Wages Expense 6060 Telephone&Utility Expense 6070 Rent Expense $17,820 $17,000 $ 20,000 $ 54,500 $ 60,180 6120 Depreciation Expense- Equipment 6410 Income Tax Expense Total 169,500 169,500
