I cannot get the closing entries to match the final amount here.
Check Figure
| General Journal Adjusting | $ 75,386.00 |
September Month-end CLOSING ENTRIES: Instructions: Closing entries are NOT related to rest of part 1. They are completely separate. Please write the TWO September month end closing entries. Use end of month as date. List debits before credits, skip a line between each entry, and only use account titles from the adjusted trial balance - CLOSING tab. That's it! Part 1 is complete after finishing closing entries. Give yourself a pat on the back! 9/30 (A) Close ALL revenue and expense accounts WITH a balance to retained earnings. 9/30 (B) Close cash dividends to retained earnings Account Title Dr. Cr. Acct. No. 100 Cash 372,840.00 102 Accounts Receivable 755,400.00 103 Allowance for Doubtful Accounts 19,816.00 Merchandise Inventory 346,350.00 Estimated Returns Inventory 43,541.00 106 Office Supplies 107 Prepaid Insurance 2,465.00 10,500.00 60,000.00 26,450.00 Investments - Trading Investments - Available for Sale 122 Investments - Held to Maturity 40,005.00 123 Valuation Allowance 35,000.00 140 Land 1,000,600.00 145 Building 2,146,167.00 146 Accumulated Depreciation - Building 1,500,000.00 Equipment 61,000.00 152 Accumulated Depreciation - Equipment 30,000.00 153 Office Furniture 22,500.00 154 4,500.00 201 Accumulated Depreciation - Office Furniture Accounts Payable Wages Payable 904,850.00 202 203 Interest Payable 204 Dividends Payable 31,200.00 205 Unearned Rent 4,000.00 206 Customer Refunds Payable 29,027.00 250 Notes Payable 212,000.00 251 Bonds Payable 400,000.00 252 Premium on Bonds Payable 253 Discount on Bonds Payable 252 Mortgage (Warehouse) Payable 198,000.00 300 Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding 65,500.00 301 Paid In Capital - Excess of Par 396,000.00 330 Retained Earnings 38,500.00 331 Cash Dividends 131,200.00 340 Treasury Stock 18,000.00 Unrealized (Gain) Loss Available for Sale Securities 341 500 Sales 1,802,360.00 600 Cost of Goods Sold 482,159.00 700 Wage Expense (hourly workers) 9,500.00 701 Salaries Expense (Exempt Staff) 29,000.00 702 Marketing Expense 75,000.00 703 Travel and Entertainment Expense 925.00 704 Bad Debt Expense 9,816.00 705 Property Tax Expense Office Maintenance & Repair Expense 706 707 Legal Expenses 5,000.00 708 Insurance Expense 3,500.00 709 Utilities Expense 710 Office Supplies Expense 735.00 711 Telecommunications Expense 100.00 712 Depreciation Expense - Equipment 6,000.00 713 Depreciation Expense - Office Furniture 1,500.00 800 Rent Income 2,000.00 801 Unrealized Gain - Trading Securities 6,000.00 802 Realized Gain - Investment Securities 18,000.00 900 Interest Expense 12,500.00 901 Unrealized Loss - Trading Securities 15,000.00 902 Realized Loss - Investment Securities 9,000.00 Total 5,696.753.00 5,696.753.00 Net Income (Loss) Total Difference September Month-end CLOSING ENTRIES: Instructions: Closing entries are NOT related to rest of part 1. They are completely separate. Please write the TWO September month end closing entries. Use end of month as date. List debits before credits, skip a line between each entry, and only use account titles from the adjusted trial balance - CLOSING tab. That's it! Part 1 is complete after finishing closing entries. Give yourself a pat on the back! 9/30 (A) Close ALL revenue and expense accounts WITH a balance to retained earnings. 9/30 (B) Close cash dividends to retained earnings Account Title Dr. Cr. Acct. No. 100 Cash 372,840.00 102 Accounts Receivable 755,400.00 103 Allowance for Doubtful Accounts 19,816.00 Merchandise Inventory 346,350.00 Estimated Returns Inventory 43,541.00 106 Office Supplies 107 Prepaid Insurance 2,465.00 10,500.00 60,000.00 26,450.00 Investments - Trading Investments - Available for Sale 122 Investments - Held to Maturity 40,005.00 123 Valuation Allowance 35,000.00 140 Land 1,000,600.00 145 Building 2,146,167.00 146 Accumulated Depreciation - Building 1,500,000.00 Equipment 61,000.00 152 Accumulated Depreciation - Equipment 30,000.00 153 Office Furniture 22,500.00 154 4,500.00 201 Accumulated Depreciation - Office Furniture Accounts Payable Wages Payable 904,850.00 202 203 Interest Payable 204 Dividends Payable 31,200.00 205 Unearned Rent 4,000.00 206 Customer Refunds Payable 29,027.00 250 Notes Payable 212,000.00 251 Bonds Payable 400,000.00 252 Premium on Bonds Payable 253 Discount on Bonds Payable 252 Mortgage (Warehouse) Payable 198,000.00 300 Common Stock, $1 Par, 100,000 Authorized; 65,500 shares Issued/Outstanding 65,500.00 301 Paid In Capital - Excess of Par 396,000.00 330 Retained Earnings 38,500.00 331 Cash Dividends 131,200.00 340 Treasury Stock 18,000.00 Unrealized (Gain) Loss Available for Sale Securities 341 500 Sales 1,802,360.00 600 Cost of Goods Sold 482,159.00 700 Wage Expense (hourly workers) 9,500.00 701 Salaries Expense (Exempt Staff) 29,000.00 702 Marketing Expense 75,000.00 703 Travel and Entertainment Expense 925.00 704 Bad Debt Expense 9,816.00 705 Property Tax Expense Office Maintenance & Repair Expense 706 707 Legal Expenses 5,000.00 708 Insurance Expense 3,500.00 709 Utilities Expense 710 Office Supplies Expense 735.00 711 Telecommunications Expense 100.00 712 Depreciation Expense - Equipment 6,000.00 713 Depreciation Expense - Office Furniture 1,500.00 800 Rent Income 2,000.00 801 Unrealized Gain - Trading Securities 6,000.00 802 Realized Gain - Investment Securities 18,000.00 900 Interest Expense 12,500.00 901 Unrealized Loss - Trading Securities 15,000.00 902 Realized Loss - Investment Securities 9,000.00 Total 5,696.753.00 5,696.753.00 Net Income (Loss) Total Difference
