hi,

I just need to know where I would put the closing entries? I believe it's already done on attached document under the adjusting entries but was double checking.

thanks

Date Particulars 10-Jan-16 Account Receivable Sales Revenue Debit Credit 21000 21000 12-Jan-16 Inventories Accounts Payable 7500 14-Jan-16 Cash Accounts Receivable 7000 15-Jan-16 Accounts Payable Cash Discount received 16-Jan-16 Sales Return and allowances Accounts Receivable 21-Jan-16 Accounts Payable Cash Discount received 9-Feb-16 Cash Accounts Receivable 7500 7000 20000 19480 520 500 500 7500 7425 75 20500 20500 1-Mar-16 Prepaid Rent Cash 4800 12-Apr-16 Office supplies Cash 1200 13-Jun-16 Cash Dividend Dividend payable 5000 23-Jun-16 Dividend Payable Cash 5000 1-Jul-16 Cash Notes payable 4800 1200 5000 5000 120000 120000 5-Jul-16 Inventories Accounts Payable 45000 7-Jul-16 Land Common Stock Additional paid-in-capital 60000 45000 10000 50000 8-Jul-16 Accounts Payable Inventories 500 500 1-Aug-16 Accounts Receivable Sales Revenue 120000 120000 4-Aug-16 Accounts Payable Cash 44500 8-Aug-16 utilities expense Cash 12000 44500 12000 18-Aug-16 Cash Discount allowed Accounts Receivables 118800 1200 120000 1-Sep-16 Accounts Payable Cash 7500 7500 1-Oct-16 Notes Payable Interest payable Interest expense Cash 110000 1500 4000 115500 31-Dec-16 Cash Sales Revenue 16000 31-Dec-16 Salary expense Cash Salary payable 60000 16000 57500 2500 31-Dec-16 Utilties expense Utilities Expenses payable 2000 2000 Adjusting Entries 31-Dec-16 Depreciation expense Accumulated Depreciation 31-Dec-16 Income Tax expense Income Taxes payable 31-Dec-16 Cost of Goods sold Inventories 14500 14500 6500 6500 31000 31000 31-Dec-16 Allowance for Doubtful accounts Retained Earnings 2652 2652 31-Dec-16 Unearned revenue Sales revenue 14000 31-Dec-16 Supplies Expenses Office Supplies 1200 31-Dec-16 Rent expense Prepaid rent 31-Dec-16 Interest Expenses Interest Payable 14000 500 500 2400 2400 348 Unearned revenue given in BS is only 12000 how reduced by 14000 Trial Balance Particulars Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventories Office Supplies Prepaid insurance Prepaid Rent Investment in held-for maturity securities Land held for future development Land Building Accumulated depreciation Capitalized development cost Goodwill Other identifiable intangible assets Notes Payable Accounts Payable Unearned Revenue Property Tax Payable Interest payable Income Tax payable Salary & Wages Payable Utilities Payable Provision related to pension Bonds Payable Common Stock Preffered Stock Paid-in-Capital - Common stock Paid-in-Capital - preffered stock Retained Earnings Accumultaed & Other Comprehensive income Treasurey Stock Sales revenue Discount received Sales return and allowances Dividend Payable Utilities Expenses Discount Allowed Interest Expenses Salary and wages expenses Depreciation Expenses Income Tax Expenses Cost of Goods Sold Supplies Expenses Debit Opening Credit 53,160 16,000 41,800 3,000 40,000 540 500 51,000 45,500 85,000 675,000 187,500 8,000 76,000 48,000 110,000 33,500 12,000 6,600 1,500 9,440 93,100 300,000 100,000 100,000 27,500 10,000 154,110 5,000 12,750 Rent Expenses Total 1,153,250 1,153,250 Debit Transactions Credit 7,395 Debit Adjustments Credit Debit (7,000) Adjusted Credit 60,555 16,000 34,800 2,652 348 52,000 1,200 31,000 1,200 4,800 500 60,000 61,000 540 4,800 51,000 45,500 145,000 675,000 14,500 202,000 8,000 76,000 48,000 110,000 120,000 (27,500) 120,000 6,000 (2,000) 6,600 2,400 15,940 2,500 2,000 93,100 300,000 110,000 100,000 77,500 10,000 151,762 5,000 14,000 1,500 2,400 6,500 2,500 2,000 10,000 50,000 5,000 2,652 12,750 157,000 595 500 5,000 14,000 1,200 6,400 60,000 14,000 5,000 14,500 6,500 31,000 1,200 171,000 595 500 14,000 1,200 6,400 60,000 14,500 6,500 31,000 1,200 321,995 321,995 500 70,352 70,352 500 1,374,745 1,374,745 1,289,061 85,684 - Income Statement Sales Revenue Sales Return and allowance Net Sales Cost of Goods sold Gross Margin Expenses Rent expense Supplies expense Interest expense Salary and wages expense Utilties expense Depreciation expense Total Expenses Earnings before income tax Income Taxes Net Income Statement of Retained Earnings Balance at beginning Cash dividend Net income for year Allowance for doubtful accounts written back Balance at end Balance Sheet Current Assets Cash Notes Receivable Accounts Receivable, net Inventories Prepaid insurance Prepaid Rent Total Current Assets Non-Current Assets Investment in held-for maturity securities Land held for future development Land Building Accumulated depreciation Capitalized development cost Goodwill Other identifiable intangible assets Total Non Current Assets Total Assets Amount 171000 1700 169300 30405 138895 500 1200 6400 60000 14000 14500 96600 42295 6500 35795 154110 5000 35795 2652 187557 60555 16000 34452 61000 540 4800 177347 51000 45500 145000 675000 -202000 8000 76000 48000 846500 1023847 Liabilities and Equity Current Liabilities Notes Payable Accounts Payable Unearned Revenue Property Tax Payable Interest payable Income Tax payable Salary & Wages Payable Utilities Payable Total Current Liabilities Non-Current Liabilities Provision related to pension Bonds Payable Total Non-Current Liabilities Total Liabilities Shareholders' Equity Common Stock Preffered Stock Paid-in-Capital - Common stock Paid-in-Capital - preffered stock Retained Earnings Accumultaed & Other Comprehensive income Treasurey Stock Total Shareholders' Equity Total liabilities and equity 120000 6000 -2000 6600 2400 15940 2500 2000 153440 93100 300000 393100 546540 110000 100000 77500 10000 187557 5000 -12750 477307 1023847