Closing Entries and Post$-$Closing Trial Balance

A work sheet for Megaffin's Repairs for the month ended January $31,20--$ is shown.

Megaffin's Repairs

Work Sheet

For Month Ended January $31,20--$

Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet

Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash $3,715\mathrm{.}003,715\mathrm{.}003,715\mathrm{.}00$

Accounts Receivable $1,460\mathrm{.}001,460\mathrm{.}001,460\mathrm{.}00$

Supplies $400\mathrm{.}00310\mathrm{.}0090\mathrm{.}0090\mathrm{.}00$

Prepaid Insurance $900\mathrm{.}00240\mathrm{.}00660\mathrm{.}00660\mathrm{.}00$

Delivery Equipment $3,200\mathrm{.}003,200\mathrm{.}003,200\mathrm{.}00$

Accumulated Depreciation$$Delivery Equipment $60\mathrm{.}0060\mathrm{.}0060\mathrm{.}00$

Accounts Payable $1,220\mathrm{.}001,220\mathrm{.}001,220\mathrm{.}00$

Wages Payable $390\mathrm{.}00390\mathrm{.}00390\mathrm{.}00$

Don Megaffin, Capital $7,606\mathrm{.}007,606\mathrm{.}007,606\mathrm{.}00$

Don Megaffin, Drawing $1,000\mathrm{.}001,000\mathrm{.}001,000\mathrm{.}00$

Repair Fees $5,000\mathrm{.}005,000\mathrm{.}005,000\mathrm{.}00$

Wages Expense $2,140\mathrm{.}00390\mathrm{.}002,530\mathrm{.}002,530\mathrm{.}00$

Advertising Expense $100\mathrm{.}00100\mathrm{.}00100\mathrm{.}00$

Rent Expense $630\mathrm{.}00630\mathrm{.}00630\mathrm{.}00$

Supplies Expense $310\mathrm{.}00310\mathrm{.}00310\mathrm{.}00$

Phone Expense $45\mathrm{.}0045\mathrm{.}0045\mathrm{.}00$

Insurance Expense $240\mathrm{.}00240\mathrm{.}00240\mathrm{.}00$

Gas and Oil Expense $200\mathrm{.}00200\mathrm{.}00200\mathrm{.}00$

Depreciation Expense$$Delivery Equipment $60\mathrm{.}0060\mathrm{.}0060\mathrm{.}00$

Miscellaneous Expense $36\mathrm{.}0036\mathrm{.}0036\mathrm{.}00$

$13,826\mathrm{.}0013,826\mathrm{.}001,000\mathrm{.}001,000\mathrm{.}0014,276\mathrm{.}0014,276\mathrm{.}004,151\mathrm{.}005,000\mathrm{.}0010,125\mathrm{.}009,276\mathrm{.}00$

Net Income $849\mathrm{.}00849\mathrm{.}00$

$5,000\mathrm{.}005,000\mathrm{.}0010,125\mathrm{.}0010,125\mathrm{.}00$

Required:

$1.$ Journalize $($page $10)$ and post the adjusting entries.

$2.$ Journalize $($page $11)$ and post the closing entries.

Question Content Area

GENERAL JOURNAL PAGE $10$

DATE DESCRIPTION POST. REF. DEBIT CREDIT

Adjusting Entries

$20--$

Jan. $31$

Supplies Expense

fill in the blank $50$ed$7$c$0$d$6$f$98057\_2$

$523$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_3$

$310$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_4$

$0$

Supplies

fill in the blank $50$ed$7$c$0$d$6$f$98057\_6$

$141$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_7$

$0$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_8$

$310$

Jan. $31$

Insurance Expense

fill in the blank $50$ed$7$c$0$d$6$f$98057\_10$

$535$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_11$

$240$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_12$

$0$

Prepaid Insurance

fill in the blank $50$ed$7$c$0$d$6$f$98057\_14$

$145$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_15$

$0$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_16$

$240$

Jan. $31$

Wages Expense

fill in the blank $50$ed$7$c$0$d$6$f$98057\_18$

$511$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_19$

$390$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_20$

$0$

Wages Payable

fill in the blank $50$ed$7$c$0$d$6$f$98057\_22$

$219$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_23$

$0$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_24$

$390$

Jan. $31$

Depreciation Expense$-$Delivery Equipment

fill in the blank $50$ed$7$c$0$d$6$f$98057\_26$

$541$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_27$

$60$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_28$

$0$

Accumulated Depreciation$-$Delivery Equipment

fill in the blank $50$ed$7$c$0$d$6$f$98057\_30$

$185\mathrm{.}1$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_31$

$0$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_32$

$60$

GENERAL JOURNAL PAGE $11$

DATE DESCRIPTION POST. REF. DEBIT CREDIT

Closing Entries

$20--$

Jan. $31$

Repair Fees

fill in the blank $50$ed$7$c$0$d$6$f$98057\_34$

$401$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_35$

$5,000$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_36$

$0$

Income Summary

fill in the blank $50$ed$7$c$0$d$6$f$98057\_38$

$313$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_39$

$0$

fill in the blank $50$ed$7$c$0$d$6$f$98057\_40$

$5,000$

Jan. $31$

Income Summary

fill in the blank