Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i am not sure why some of these that are blue highlighted are wrong? are they supposed to he at 0 ? Post the closing

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i am not sure why some of these that are blue highlighted are wrong? are they supposed to he at 0 ?
Post the closing entries at December 31, 2018 Use Clo" and the corresponding number as shown in the journal entry as posting references- "Clos (1) "Clos (2y, etc. The adjusted balance ("Adj. Bal.) of each account has been entered for you. Post any closing entries to the accounts and then calculate the Side of the account. For Income Summary calculate and enter the balance "Bat before posting the entry to close out the account Post the entry to close Incom Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post closing balance ("Bal") on the last (China) line of the account Review the closing Journal entries.you prepared above, Cash Adj Bal Bal 19.470 19.470 Accounts Payable 6 660 Ad Bal 6,660 Bal Cance Rental Revenue 15. 150 Ad Bal 15.150 Bal Adi Bal Bal Accounts Receivable 6,200 6.200 Wages Payable 1.400 Adj. Bal 1,400 Bal Ad Bal Bal Rent Expense 2.200 2.200 Office Supplies 300 800 Utilities Payable 240 Ad Bal 240 Bal Adj Bal Bal Ad Bal Bal Wages Expense 5.100 5.100 Telenhan Rawat Adj. Bal Bal Prepaid Rent 2.200 2,200 Telephone Payable 270 Adj. Ball 270 Bal Utilities Expense 440 Ad Bal Bal 440 Adj Bal Bal Land 65 000 65.000 Unearned Revenue 50 Adji Bal 50 Bal Adj. Bal Bal Telephone Expense 400 4001 Building 205,000 205.000 Adj Bal Bal Interest Payable 80 Adj Bal 80 Bal C1 Adi Bal Bal Supplies Expense 900 900 Accumulated Depr.- Building 1,000 Adi Bal 1.000 Bal Notes Payable 4,800 Adi Bat 4,800 Bal Depreciation Expense-Building Adj Bal 1,000 1.000 Bal Adj. Bal Bal Canoes 12.960 12.960 Common Stock 293.000 Adj. Bal 293.000 Bat Depreciation Expense-Canoes Adj. Bal 220 Bal 2201 Dividends 61 Accumulated Depr.-Canoes 220 Adj, Bal 220 Bal Ad. Bal Bal 900 900 Ad, Bal Bal Interest Expense 80 80 Retained Earings O Adj Bal 900 4.810 Clos (3) 3,910 Bt. Clos (4) Clos (2) Clos (3) Income Summary 10 340 15.150 Clos (1) 4.810 Bar 0 Bal Date Accounts and Explanation Debit Credit Dec. 31 16.150 Clos (1) 15, 150 Dec. 31 10.340 Clos (2) 2.200 5.100 440 400 Canoe Rental Revenue Income Summary To close revenues. Income Summary Rent Expense Wages Expense Utilities Expense Telephone Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Canoes Interest Expense To close expenses Income Summary Retained Earnings To close Income Summary Retained Earnings Dividends 900 1,000 220 80 Dec 31 Clos. (3) 4,810 4810 Dec 31 Clos (4) 900 To close Dividends 900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Are large frame sizes better than small frame sizes? Explain.

Answered: 1 week ago