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hello i just need help with requirement 6-7 6. Prepare the closing entries, and post to the T-accounts. 7. Prepare a post-closing trial balance. i
hello i just need help with requirement 6-7 6. Prepare the closing entries, and post to the T-accounts. 7. Prepare a post-closing trial balance. i - X More Info a. Office Supplies used during the month, $1,500. b. Depreciation for the month, $150. c. One month insurance has expired. d. Accrued Interest Expense, $40. Print Done i More Info Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Equipment; Accumulated Depreciation-Equipment; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable: Walsh, Capital; Walsh, Withdrawals; Income Summary; Service Revenue: Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. More Info Dec. 1 Dec. 1 Dec. 1 Dec. 9 Dec. 10 Dec. 19 Walsh contributed $60,000 cash to the business in exchange for capital. Purchased $9,000 of equipment paying cash. Paid $2,000 for a eight-month insurance policy starting on December 1. Paid $30,000 cash to purchase land to be used in operations. Purchased office supplies on account. $1,700. Borrowed $27,000 from the bank for business use. Walsh signed a note payable to the bank i the name of the corporation. The note is due in five years. Paid $2,000 for advertising expenses. Paid $800 on account The business received a bill for utilities to be paid in January, $180. Revenues earned during the month included $19,500 cash and $3,300 on account. Paid employees' salaries $4,100 and building rent $1,600. Record as a compound entry. Dec. 22 Dec. 26 Dec. 28 Dec. 31 Dec. 31 Dec. 31 The business received $980 for auto screening services to be performed next month. Walsh withdrew cash of $5,000. Dec. 31 On December 1, Tim Walsh began an auto repair shop, Walsh's Quality Automotive. The following transactions occurred during December: (Click the icon to view the transactions.) The busine (Click t Adjustment (Click Read the re Requirement 6. Prepare the closing entries, and post to the T-accounts. Begin by preparing the closing entries. (Record debits first, then credits. Select the explanation on the last line of the jour Start by closing revenues Review the adjusted trial balance you prepared in Requirement 4. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1)
hello i just need help with requirement 6-7
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