CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE June 30 Cury withdrew cash for personal use, $1,800. 30 Received $5,902 in cash as income for the use of the boats. 30 Sales from vending machines for the month amounted to $1,780. Ten percent of $1,780 equals $178. Because you have already recorded $150 as concessions income, list the additional $28 revenue earned from the vending machine operator. (Cash was not received.) 13. Prepare a post-closing trial balance. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, $1,000. b. Depreciation of pool structure for the month, 5715. C. Depreciation of fan system for the month, $260. d. Depreciation of sailboats for the month, $900. e. Wages accrued at June 30, $810. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owner's equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) Check Figure Trial balance total, $281.858; net incor $7.143; post.closing trial balance total, $263,341 "If you are using CLGL, use the year 2020 when recording transactions and preparing reports. : The Accounting Cycle for a Service Business Analyzing Business Transactions TE PO CHAPTER 5: CLOSING ENTS AND THE POST CLOSING TIL BALANCE 2 cycle June 30 Cury withdrew cash for personal use, 1.300 Received in cash is income for the weathebos 30 Sales from vending machines for the mouth mounted 51,70 Ten per of 1.780 equals 178. Because you have already recorded 5150 s con Income list the aditional secured from the vending machine operator (Cash was not received) it is recorded them out for yourself as well. Check off each transaction Required Checker Trabant $281.net icon il balance 1203.341 a 1. Journalise the transactions. (Start en page 1 of the general journal if using Face or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CIGL) 3. Prepare a trial balance. (If using a worksheet use the first two columns) 4. Data for the adjustments are as follows Insurance expired during the month, 1.000, h Depreciation of pool structure for the month 5715. 6. Depreciation of fan system for the month, 5700 d. Depreciation of sailboats for the month, 8800 Wages accrued on June 10, 5810 Your instructor may want you to use a work sheet for these adjustments S. Journalize adjusting entries 6. Post adjusting entries to the ledger account. (Skip this step if using CLGL) 7. Prepare an adjusted trial balance 8. Prepare the income statement 9. Prepare the statement of owner' equiry 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts.(Skip this step if using CLGL) 13. Prepare a post-closing trialance you wsing LGL the year wheeling water and preparing reports Indoor pool with a fan system that provides wind. Bought Wind In Your Sails in its entirety for a total price of $216.10 The assets include sailboats, 525,800, fan system, $13,300 pool structure $140,000, and land, 537,000. Paid $60,000 down and signed a mortgage to for the remainder Received and paid bill for newspaper advertising. $350. Received and paid bill for a one-year premium for insurance, $12.000 Bought additional boats from Louis Manufacturing Co for $7.200, paying 53.200 down, with the remainder due in 30 days. Signed a contract with a vending machine service to lease space for vending machines. The rental income agreed upon is 10 percent of the sales generated from the machines, with the estimated total rental income payable in advance Received estimated cash payment for Jane, $150. Received bill from Quick Printing for promotional handouts, $500 Signed a contract for leasing sailboats from K Einstein Boat Co and paid rental fee for Jane, 5700 5 Podcadifor miscellaneous expenses, 5104 8 Received 52,855 in cash as income for the use of the boats. 9 Bought an addition for the fan system account from Stark Pool Supply $745 15 Paid wages to employees for the period ended June 14,53.900. 16 Paid on account for promotional handouts already recorded on June 3, 5541 16 Cury withdrew cash for personal use, $2.500 16 Hought additional sails from Canvas Products, Inc. $850, payment does 30 days 16 Received us in cash as income for the use of the boats. 19 Paid cash for miscellaneous expenses, 540, 20 Puid cath to tous Manufacturing Co as part payment on account, $1.00 23 Received a reduction in the outstanding ball from Louis Manufacturing for a boat received in damaged condition, $380. 24 Received and paid telephone, 5326 29 Pald wages for period June 15 through 28, 51.973. 30 bud cash to Stark Pool Supply to apply on account. 5475 30 Received and paid electric bill, 5345 moldorg 30 Received and paid water bill, 590. with the remainder due in 30 days. You are to record tractions in a two-col general journal Awsume that the period is one month You will then be Meta complete the steps in the account When you are analyzing the transactions think them through by in the T accounts or by writing them down scratch paper. For unfamiar types of June Cary deposited $5.00 in a bank account for the purpose of buying Windo Your Sails, a business offering the use of small sailboats to the publicating Paash installment on this mertua STRES Oth 5497 representadaction in the inalthe remainder is in transactions, specific instructions for recording them are added. However, 30 Bought additional boats from Riddle and see for $3,30 paying $1.350 down CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE June 30 Cury withdrew cash for personal use, $1,800. 30 Received $5,902 in cash as income for the use of the boats. 30 Sales from vending machines for the month amounted to $1,780. Ten percent of $1,780 equals $178. Because you have already recorded $150 as concessions income, list the additional $28 revenue earned from the vending machine operator. (Cash was not received.) 13. Prepare a post-closing trial balance. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, $1,000. b. Depreciation of pool structure for the month, 5715. C. Depreciation of fan system for the month, $260. d. Depreciation of sailboats for the month, $900. e. Wages accrued at June 30, $810. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owner's equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) Check Figure Trial balance total, $281.858; net incor $7.143; post.closing trial balance total, $263,341 "If you are using CLGL, use the year 2020 when recording transactions and preparing reports. : The Accounting Cycle for a Service Business Analyzing Business Transactions TE PO CHAPTER 5: CLOSING ENTS AND THE POST CLOSING TIL BALANCE 2 cycle June 30 Cury withdrew cash for personal use, 1.300 Received in cash is income for the weathebos 30 Sales from vending machines for the mouth mounted 51,70 Ten per of 1.780 equals 178. Because you have already recorded 5150 s con Income list the aditional secured from the vending machine operator (Cash was not received) it is recorded them out for yourself as well. Check off each transaction Required Checker Trabant $281.net icon il balance 1203.341 a 1. Journalise the transactions. (Start en page 1 of the general journal if using Face or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CIGL) 3. Prepare a trial balance. (If using a worksheet use the first two columns) 4. Data for the adjustments are as follows Insurance expired during the month, 1.000, h Depreciation of pool structure for the month 5715. 6. Depreciation of fan system for the month, 5700 d. Depreciation of sailboats for the month, 8800 Wages accrued on June 10, 5810 Your instructor may want you to use a work sheet for these adjustments S. Journalize adjusting entries 6. Post adjusting entries to the ledger account. (Skip this step if using CLGL) 7. Prepare an adjusted trial balance 8. Prepare the income statement 9. Prepare the statement of owner' equiry 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts.(Skip this step if using CLGL) 13. Prepare a post-closing trialance you wsing LGL the year wheeling water and preparing reports Indoor pool with a fan system that provides wind. Bought Wind In Your Sails in its entirety for a total price of $216.10 The assets include sailboats, 525,800, fan system, $13,300 pool structure $140,000, and land, 537,000. Paid $60,000 down and signed a mortgage to for the remainder Received and paid bill for newspaper advertising. $350. Received and paid bill for a one-year premium for insurance, $12.000 Bought additional boats from Louis Manufacturing Co for $7.200, paying 53.200 down, with the remainder due in 30 days. Signed a contract with a vending machine service to lease space for vending machines. The rental income agreed upon is 10 percent of the sales generated from the machines, with the estimated total rental income payable in advance Received estimated cash payment for Jane, $150. Received bill from Quick Printing for promotional handouts, $500 Signed a contract for leasing sailboats from K Einstein Boat Co and paid rental fee for Jane, 5700 5 Podcadifor miscellaneous expenses, 5104 8 Received 52,855 in cash as income for the use of the boats. 9 Bought an addition for the fan system account from Stark Pool Supply $745 15 Paid wages to employees for the period ended June 14,53.900. 16 Paid on account for promotional handouts already recorded on June 3, 5541 16 Cury withdrew cash for personal use, $2.500 16 Hought additional sails from Canvas Products, Inc. $850, payment does 30 days 16 Received us in cash as income for the use of the boats. 19 Paid cash for miscellaneous expenses, 540, 20 Puid cath to tous Manufacturing Co as part payment on account, $1.00 23 Received a reduction in the outstanding ball from Louis Manufacturing for a boat received in damaged condition, $380. 24 Received and paid telephone, 5326 29 Pald wages for period June 15 through 28, 51.973. 30 bud cash to Stark Pool Supply to apply on account. 5475 30 Received and paid electric bill, 5345 moldorg 30 Received and paid water bill, 590. with the remainder due in 30 days. You are to record tractions in a two-col general journal Awsume that the period is one month You will then be Meta complete the steps in the account When you are analyzing the transactions think them through by in the T accounts or by writing them down scratch paper. For unfamiar types of June Cary deposited $5.00 in a bank account for the purpose of buying Windo Your Sails, a business offering the use of small sailboats to the publicating Paash installment on this mertua STRES Oth 5497 representadaction in the inalthe remainder is in transactions, specific instructions for recording them are added. However, 30 Bought additional boats from Riddle and see for $3,30 paying $1.350 down
