Ch 6 Closing Process ACE CO. AJEs Information Fiscal Year-End June 30, 2010 Unadjusted trial balance information is provided on Worksheet 1 if needed. Prepare AJEs and the balance of Accounting Cycle steps. AJE 1 The supplies available at the end of the fiscal year is $3,300. AJE 2 The cost of expired insurance for the year is $3,800. JE 3 The annual depreciation for equipment is $8,400. AJE 4 A utility bill for $650 arrived on the last day of the fiscal year. AJE 5 The company's employees earned $1,800 in the last week. Accrue the wages. AJE 6 Rent expense incurred but not yet paid is $500. Accrue the rent. ACC 124 Principles of Accounting! Ch 6 Closing Process ACE Co. AJES No. Date Account and Description Debit Credit Totals ACC 124 Principles of Accounting! Ch 6 Closing Process ACE Co. CJES No. Date Account and Description Debit Credit Totals Ch 6 Closing Process ACE Co. Worksheet 1 Adjusting JE's Dr Cr Adjusted T/B Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr Unadjusted T/B Dr Cr 18,500 9,900 7,200 132,000 26,250 31,800 No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 Capital 302 Withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 Insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 88,660 33,000 132,100 49,610 12,000 10,710 5,890 Totals 278,810 278,810 Net profit: ACC 124 Principles of Accounting! Ch 6 Closing Process ACE Co. Worksheet 2 Adjusted T/B Dr Cr Closing JE's Dr Cr Post Closing T/B Dr Cr No. Account 101 Cash 126 Office supplies 128 Prepaid insurance 167 Equipment 168 A/D equipment 201 Accounts payable 208 Rent payable 210 Wages payable 301 V Ace capital 302 V Ace withdrawals 401 Revenue 612 Depreciation expense 623 Wages expense 637 insurance expense 640 Rent expense 652 Supplies expense 684 Repairs expense 690 Utilities expense 699 Income summary Income summary Income summary Totals