Closing entries and impact - Excel AutoSave Data Review Formulas View Help File Home Insert Draw Page Layout D E F B A Examine the Adjusted Trial Balance and complete the necessary closing entries below. Pick-lists are available from within the boxed areas of the journal entries; use these to select the correct accounts and amounts. Correct selections will be indicated with green shading. A post-closing trial balance is shown to illustrate the after-closing entry account balances. Examine this carefully, noting specifically how the closing entries caused specific accounts to change. 1 2 XYZ Company Adjusted Trial Balance For the Year Ending December 31, 20XX 3 Debit Credit Accounts $ 150,000 Cash 5 42,000 6 Accounts receivable Prepaid rent 15,000 7 84,000 Land 200.000 60,000 21,000 9 Building and equipment Accumulated depreciation 10 Accounts payable 11 Unearned revenue 12 13 Notes payable Capital stock 14 Problem 13,000 100,000 75,000 O RI Type here to search 00 D E F 15 Retained earnings, Jan. 1 174,000 Revenues 237,000 16 17 Wages expense 98,000 45,000 18 Rent expense Depreciation expense 19 20 Interest expense Dividends 21 20,000 8,000 18,000 $ 680,000 $ 680,000 22 23 24 25 26 GENERAL JOURNAL 27 Date Accounts Debit Credit 12/31 Revenues 8 9 To close revenues to Income Summary 12/31 AutoSave ON Search - Closing entries and impact - Excel Draw Data File Home Page Layout Insert Formulas View Review Help 028 D E A F 29 To close revenues to Income Summary 30 31 12/31 32 3 4 5 5 To close expenses to Income Summary 12/31 To close Income Summary to Retained Earnings 12/31 To close dividends XYZ Company Post-Closing Trial Balance For the Year Ending December 31, 20XX Accounts Debit Credit Cach Problem 150 on 12/31 43 44 To close dividends 45 46 47 XYZ Company Post-Closing Trial Balance For the Year Ending December 31, 20XX 48 Accounts Debit Credit 49 150,000 42,000 15,000 84,000 200,000 Cash 50 51 Accounts receivable Prepaid rent 52 53 Land 54 Building and equipment 55 Accumulated depreciation 56 Accounts payable 57 Unearned revenue 58 Notes payable 59 Capital stock 60 Retained earnings ($174,000 + $66,000 - $18,000) 60,000 21,000 13,000 100,000 75,000 222,000 61 $ 491,000 $ 491,000 62 63