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I need help with a closing entries general journal. I would like to send some screen shots. I cannot figure out how the general journal
I need help with a closing entries general journal. I would like to send some screen shots. I cannot figure out how the general journal should look and which of the figures (numbers) to include on it.
Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger (Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit Balance Debit Credit 37,700 250 4,400 7,800 160 7,350 95 Account Account Number Title 111 Cash 117 Repair Supplies 119 Prepaid Insurance 144 Repair Equipment 145 Accumulated Depreciation - Equipment 212 Accounts Payable 213 Income Tax Payable 311 Common Stock 313 Dividends 411 Pool Service Revenue 511 Store Rent Expense 512 Telephone Expense 513 Insurance Expense 514 Repair Supplies Expense 515 Depreciation Expense - Equipment 516 Income Tax Expense 517 Electric Expense 40,000 1,100 8,900 3,600 300 400 200 160 95 500 56,505 56,505 Peter's Pool Corporation Income Statement For the Month Ending July 31 Peter's Pool Corporation Statement of Retained Earnings For the Month Ending July 31 Peter's Pool Corporation Balance Sheet July 31 Revenues: Pool Repair Revenue Total Revenue $8.900 3,645 8.900 Retained Earnings, July 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, July 31 3,645 1,100 2.545 Assets: Cash Repair Supplies Prepaid Insurance Repair Equipment Less: Accum. Dep - Repair Equipment. Total Assets Debit $37,700 250 4,400 7,800 160 $49,990 Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Tax Expense Electric Expense Total Expenses $3,600 300 400 200 160 95 500 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities 7,350 95 7,445 5,255 Net Income $3,645 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity 40,000 2,545 42,545 Total Liabilities & Stockholders' Equity 49,990Step by Step Solution
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