Closing entries In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Post-Closing Balance row must still be filled out in order receive full points. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. . You are also required to apply the journal and ledger instructions provided in previous stages of the practice set. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30 (select) (select) (select) (select) select) select) (select) Income Summary (Closing entry to credit the income Summary account) Jun 30 D (To close the balance of the Income Summary account) Jun 30 (select) (select) (To close the Withdrawals account to equity) GENERAL LEDGER Account: Capital Account No. 300 Ref. Debit Credit Balance Date Description Jun 1 Capital contributed by Malcolm Bragg Jun 30 GJ 116,000 116,000 CR Jun 30 Jun 30 > Jun 30 Post-Closing Balance I (Q=750-310.ProfitAnd Loss Summary_ClosingEntries) Account: Income Summary Account No. 310 Description Ref. Debit Credit Balance Date Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Withdrawals Account No. 350 Date Ref. Debit Credit Balance Description 20 Cash withdrawal by Malcolm Bragg Jun GJ 1,000 1,000 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Revenues Account: Revenues Account No. 400 Date Ref. Debit Credit Balance Jun Jun GJ GJ 4.700 8.000 Description 4 Received cash for services & Services provided on credit 25 Received cash for services 26 Services provided on credit 30 Acorued revenue 30 Revenue earned 4.700 CR 10.700 CR 16,900 CR 25,800 CR Jun GJ Jun GJ 6.200 8,700 4,300 2,500 GJ Jun Jun 29,900 CR 32.400 CR GJ Jun 30 Jun 30 KII Jun 30 KIKI Jun 30 Post-Closing Balance Account: Wages Expense Account No. 516 Date Ref. Credit Balance Description 19 Paid staff wages 30 Accrued wages expense Debit 5,400 Jun GJ 5,400 DR 12.840 DR Jun GJ 7.440 Jun 30 Jun 818 Jun Jun 30 Post-Closing Balance Account: Telephone Expense Account No. 541 Date Description Ref. Debit Credit Balance Jun GJ 170 DR 7 Paid telephone expense 30 Accrued telephone expense 170 110 Jun GJ 280 DR Jun 30 V Jun 30 V Jun 30 Jun 30 Post-Closing Balance Account: Insurance Expense Account No. 543 Ref. Credit Date Jun Description 30 Insurance expired Debit 1,600 Balance 1.600 DR Jun 30 Jun 30 V Jun 30 Jun 30 Post-Closing Balance Income statement iCandy Candy Income Statement For the month ended June 30, 2021 s 32,400 32,400 Revenues Revenues Total revenues Expenses Wages Expense Telephone Expense Insurance Expense Office Supplies Expense Depn Expense: Candy Making Equipment Interest Expense Total expenses Net income (12.840) (280) (1.600) (2.244) (418) (930) (18,312) 14,088 Statement of changes in owner's equity iCandy ICandy Statement of Changes in Owner's Equity For the month ended June 30, 2021 S M. Bragg. Capital, June 1, 2021 0 Investments by owner 116,000 Net income for the period 14,088 Withdrawals by owner (1,000) M. Bragg, Capital, June 30, 2021 129,088 Balance sheet iCandy iCandy Balance Sheet June 30, 2021 S S $ $ Assets Current assets Cash Accounts Receivable Office Supplies Prepaid Insurance Total current assets 253,880 16,200 1,056 8,000 279,136 Property, plant and equipment Candy Making Equipment Accum Depn: Candy Making Equipment Total property, plant and equipment Total assets 49,000 (418) 48,582 327,718 Liabilities Current liabilities Accounts Payable Wages Payable Telephone Payable Interest Payable Unearned Revenue Total current liabilities 1,650 7,440 110 930 2,500 12,630 Long-term liabilities Bank Loan Payable Total liabilities 186,000 198,630 Equity Capital Total liabilities and equity 129,088 327,718