Directions

Using the information below, you are at the end of the month of May, and you have to reset the temporary accounts prior to the new period starting. You have to do the closing journal entries in order to do this. Please close the appropriate accounts using the general journal and general ledger. Make sure to do a post$-$closing trial balance to ensure you are still in balance after the closing is done. Continue to use this word document OR the excel templates provided. Be sure to double check that all temporary accounts are properly closed and not reflected on the post$-$closing trial balance.

KJO Withholdings

Adjusted Trial Balance

For Period Ended May $31$

Account Act. # Debit Credit

Cash $10178,839\mathrm{.}82$

Accounts Receivable $1052,760\mathrm{.}00$

Supplies $1081,795\mathrm{.}00$

Prepaid Insurance $1113,937\mathrm{.}50$

Equipment $1505,700\mathrm{.}00$

Accumulated Depreciation$-$ Equipment $150\mathrm{.}1210\mathrm{.}00$

Accounts Payable $2108,425\mathrm{.}00$

Unearned Service Revenue $2203,570\mathrm{.}00$

Federal Income Tax Payable $230772\mathrm{.}00$

FICA Payable $240977\mathrm{.}12$

Medicare Payable $250228\mathrm{.}52$

FUTA Payable $26066\mathrm{.}00$

SUTA Payable $27045\mathrm{.}10$

Owner Capital $30175,000\mathrm{.}00$

Owner Withdrawals $301\mathrm{.}12,000\mathrm{.}00$

Service Revenue $41016,545\mathrm{.}00$

Salaries Expense $5107,880\mathrm{.}00$

Electric Expense $520430\mathrm{.}00$

Supplies Expense $530930\mathrm{.}00$

Insurance Expense $540562\mathrm{.}50$

Depreciation Expense $550210\mathrm{.}00$

Bank Fee Expense $56025\mathrm{.}00$

Payroll Tax Expense $570713\mathrm{.}92$

Misc. Expense $58055\mathrm{.}00$

TOTALS $105,838\mathrm{.}74105,838\mathrm{.}74$

General Journal

Week $7$

General Ledger

OWNER EQUITY

Owner Capital Act. # $301\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $75,000\mathrm{.}00$

Owner Withdrawals Act. # $301\mathrm{.}10$

Date Item PR Debit Credit Balance

$31-$May Balance $2,000\mathrm{.}00$

Income Summary Act. # $302\mathrm{.}00$

Date Item PR Debit Credit Balance

REVENUES

Service Revenue Act. # $410\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $16,545\mathrm{.}00$

EXPENSES

Salaries Expense Act. # $510\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $7,880\mathrm{.}00$

Electric Expense Act. # $520\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $430\mathrm{.}00$

Supplies Expense Act. # $530\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $930\mathrm{.}00$

Insurance Expense Act. # $540\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $562\mathrm{.}50$

Depreciation Expense Act. # $550\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $210\mathrm{.}00$

Bank Fee Expense Act. # $560\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $25\mathrm{.}00$

Payroll Taxes Expense Act. # $570\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $713\mathrm{.}92$

Miscellaneous Expense Act. # $580\mathrm{.}00$

Date Item PR Debit Credit Balance

$31-$May Balance $55\mathrm{.}00$

KJO Withholdings

Post$-$Closing Trial Balance

For Period Ended May $31$

Account Act. # Debit Credit