Answered step by step
Verified Expert Solution
Question
1 Approved Answer
F Question 5 [15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Ludwig Inc. at December 31, 2014. Use
F Question 5 [15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Ludwig Inc. at December 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. Close all temporary credit balance accounts to the income summary account. Close all temporary debit balance accounts to the income summary account Close the income summary (net income) to retained earnings. Close the income summary (net loss) to retained earnings. Close dividends to retained earnings, Enter the dates in the format dd/mmm (ie. 15/Jan). Ludwig Inc. General Journal Page GJ8 Adjusted Trial Balance Date Account/Explanation Debit Credit December 31, 2014 Debit Credit Accounts receivable 25,980 Accumulated depreciation, equipment 1,310 Bonds payable 11,030 Cash 10,160 Consulting revenue earned 6,860 Depreciation expense, equipment 600 Dividends 2,790 Equipment 21,650 Interest earned 2,530 Rent earned 7,340 Retained earnings 17,570 Share capital 14,540 Totals 61,180 61,180 - + +
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started