Complete the general journal closing (below) based on the following adjusted trial balance:

Panther Marine Corporation

For the Month Ended JULY 31, 2017

Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. The amounts are NOT related and should not be used as check figures for normal and adjusting journal entries from June.

Adjusted

Trial Balance

Acct. No.

Account Title

Dr.

Cr.

100

Cash

372,840.00

102

Accounts Receivable

755,400.00

103

Allowance for Doubtful Accounts

19,816.89

104

Merchandise Inventory

346,350.00

105

Estimated Returns Inventory

43,541.00

106

Office Supplies

2,465.00

107

Prepaid Insurance

10,500.00

120

Investments - Trading

60,000.00

121

Investments - Available for Sale

26,450.00

122

Investments - Held to Maturity

40,005.01

123

Valuation Allowance

35,000.00

140

Land

2,000,600.00

145

Building

2,146,167.60

146

Accumulated Depreciation - Building

1,500,000.00

151

Equipment

61,000.00

152

Accumulated Depreciation - Equipment

30,000.00

153

Office Furniture

22,500.00

154

Accumulated Depreciation - Office Furniture

4,500.00

201

Accounts Payable

904,850.00

202

Wages Payable

-

203

Interest Payable

-

204

Dividends Payable

-

205

Unearned Rent

4,000.00

206

Customer Refunds Payable

29,027.60

250

Notes Payable

212,000.00

251

Bonds Payable

400,000.00

252

Premium on Bonds Payable

253

Discount on Bonds Payable

252

Mortgage (Warehouse) Payable

198,000.00

300

Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding

65,500.00

301

Paid In Capital - Excess of Par

396,000.00

330

Retained Earnings

38,500.00

331

Cash Dividends

100,000.00

340

Treasury Stock

18,000.00

341

Unrealized (Gain) Loss Available for Sale Securities

-

-

500

Sales

2,902,760.00

600

Cost of Goods Sold

582,159.00

700

Wage Expense (hourly workers)

9,500.00

701

Salaries Expense (Exempt Staff)

29,000.00

702

Marketing Expense

75,000.00

703

Travel and Entertainment Expense

925.00

704

Bad Debt Expense

9,816.88

705

Property Tax Expense

-

706

Office Maintenance & Repair Expense

-

707

Legal Expenses

5,400.00

708

Insurance Expense

3,500.00

709

Utilities Expense

-

710

Office Supplies Expense

735.00

711

Telecommunications Expense

100.00

712

Depreciation Expense - Equipment

6,000.00

713

Depreciation Expense - Office Furniture

1,500.00

800

Rent Income

2,000.00

801

Unrealized Gain - Trading Securities

6,000.00

802

Realized Gain - Investment Securities

18,000.00

900

Interest Expense

12,500.00

901

Unrealized Loss - Trading Securities

15,000.00

902

Realized Loss - Investment Securities

9,000.00

Total

6,765,954.490

6,765,954.490

Net Income (Loss)

Total

Difference

Panther Marine Corporation
General Journal - Adjusting Entries
July Month-end CLOSING ENTRIES:
Instructions: Please write the JULY month end closing entries USING the adjusted trial balance workbook amounts. Use end of month as date. List debits before credits, skip a line between each entry and only use account titles from adjusted trial balance workbook. That's it! Part 1 is complete after finishing below closing entries. Give yourself a pat on the back!
				7/31 (A )	Close ALL revenue and income accounts to income summary.
7/31 (B )	Close ALL expense accounts WITH balances to income summary.
7/31 (C )	Close cash dividends to retained earnings
7/31 (D )	Close income summary to retained earnings
Page 1
Date	Accounts	DEBIT	CREDIT
		$ -	$ -

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