In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Post- Closing Balance row must still be filled out in order receive full points. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. You are also required to apply the journal and ledger instructions the practice set. provided in previous stages of Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Show All General Journal General Ledger GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun (select) (select) (select) (select) (select) (select) (select) Income Summary (Closing entry to credit the income Summary account) (To close the balance of the Income Summary account) Jun 30 (select) (select) (To close the Withdrawals account to equity) Hlay Lake yuU TUI UI LSS LIIT Show All General Journal General Ledger each page. (Q=750-300. Capital_ClosingEntries) Your grading GENERAL LEDGER Account: Capital Account No. 300 Ref. Debit Date Description Jun 1 Capital contributed by Emilia Meer Jun 30 Credit 107,000 Balance 107,000 CR Your grading outcome (still . Points (prior to this page) Points (on this page) Points (after this page) Total Jun 30 Post-Closing Balance Information from pre (Q=750-310.ProfitAnd LossSummary_ClosingEntries) Account: Income Summary Account No. 310 Date Description Ref. Debit Credit Balance General instructions Policies and procedures All transactions Adjusting entries informa Chart of accounts Journals and ledgers inst General ledger pre clos Adjusted trial balance Financial statements Jun 30 Jun Jun Jun 30 30 30 Jun 30 Post-Closing Balance (Q=750-350. Withdrawals Account: Withdrawals Account No. 350 Ref. Date Jun Description 21 Cash withdrawal by Emilia Meer 30 Debit 2,000 Credit . Balance 2,000 DR GJ I Jun Jun 30 3 bboo Jun 30 Jun 30 Post-Closing Balance (Q=750-400. Revenues Account: Revenues Account No. 400 Account: Revenues Account No. 400 Date Ref. Debit Balance 4,200 CR Jun GJ GJ Jun Jun Jun Jun 14 Description 4 Received cash for services & Services provided on credit 24 | Received cash for services 26 Services provided on credit 30 Accrued revenue 30 Revenue earned 30 Credit 4,200 5,100 5,600 8,500 3,100 2,100 8 8 8 8 , 9,300 CR 14,900 CR 23,400 CR 26,500 CR 28,600 CR GJ Jun Jun 30 UUUU Jun 30 Jun 30 Post-Closing Balance Account: Wages Expense Account No. 516 Description Ref. Credit Balance Date Jun 14 Paid staff wages GJ Debit 5,200 10,540 5,200 DR Jun 30 Accrued wages expense GJ 15,740 DR Jun 30 Jun Jun Jun 30 30 30 Post-Closing Balance Account: Telephone Expense Account No. 541 Ref. | Debit Credit Date Jun 1 Jun Description 3 Paid telephone expense 30 Accrued telephone expense GJ 160 Balance 160 DR 260 DR 100 Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Advertising Expense Account No. 543 Account: Revenues Account No. 400 Date Ref. Debit Balance 4,200 CR Jun GJ GJ Jun Jun Jun Jun 14 Description 4 Received cash for services & Services provided on credit 24 | Received cash for services 26 Services provided on credit 30 Accrued revenue 30 Revenue earned 30 Credit 4,200 5,100 5,600 8,500 3,100 2,100 8 8 8 8 , 9,300 CR 14,900 CR 23,400 CR 26,500 CR 28,600 CR GJ Jun Jun 30 UUUU Jun 30 Jun 30 Post-Closing Balance Account: Wages Expense Account No. 516 Description Ref. Credit Balance Date Jun 14 Paid staff wages GJ Debit 5,200 10,540 5,200 DR Jun 30 Accrued wages expense GJ 15,740 DR Jun 30 Jun Jun Jun 30 30 30 Post-Closing Balance Account: Telephone Expense Account No. 541 Ref. | Debit Credit Date Jun 1 Jun Description 3 Paid telephone expense 30 Accrued telephone expense GJ 160 Balance 160 DR 260 DR 100 Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Advertising Expense Account No. 543 Account: Advertising Expense Account No. 543 Date Ref. Credit Balance Description 30 Benefits consumed Debit 4,400 Jun 4,400 DR Jun 30 Jun 30 IOAN. Jun | 30 Jun 30 Post-Closing Balance Account: Office Supplies Expense Account No. 544 Ref. Credit Balance Date Jun Description 30 Supplies used Debit 1,464 1.464 DR Jun 30 Jun Jun 30 Jocul 1 Jun 30 Post-Closing Balance (Q=750-560 Account: Depn Expense: Computer Equipment Account No. 560 Ref. Debit Credit Date Jun Description 30 Depreciation - one month Balance 392 DR 392 Jun 30 Jun 30 Jun 30 dili Jun 3 Post-Closing Balance Account: Interest Expense Account No. 571 Date Ref. Credit Debit 990 Description 30 Accrued interest expense 30 Balance 990 DR Jun Jun Jun 30 Jun 30 Jun 30 Post-Closing Balance Income statement Hi-Fi Way Hi-Fi Way Income Statement For the month ended June 30, 2019 Revenues 28,600 28,600 Revenues Total revenues Expenses Wages Expense Telephone Expense Advertising Expense Office Supplies Expense Depn Expense: Computer Equipment Interest Expense Total expenses Net income (15,740) (260) (4,400) (1,464) (392) (990) (23,246) 5,354 Statement of changes in owner's equity HiFi Way Hi-Fi Way Statement of Changes in Owner's Equity For the month ended June 30, 2019 0 E. Meer, Capital, June 1, 2019 Investments by owner 107,000 Net income for the period 5,354 Withdrawals by owner (2,000) E. Meer, Capital, June 30, 2019 110,354 Balance sheet Hi-Fi Way Po Hi-Fi Way Balance Sheet June 30, 2019 $ Assets Current assets Cash Accounts Receivable Office Supplies Prepaid Advertising Total current assets 249,080 13,800 936 4,400 268,216 Property, plant and equipment Computer Equipment Accum Depn: Computer Equipment Total property, plant and equipment Total assets 55,000 (392) 54,608 322,824 Liabilities Current liabilities Accounts Payable Wages Payable Telephone Payable Interest Payable Unearned Revenue Total current liabilities 1,440 10,540 100 990 1,400 14,470 Long-term liabilities Bank Loan Payable Total liabilities 198,000 212,470 Equity Capital Total liabilities and equity 110,354 322,824 Hi-Fi Way Adjusted Trial Balance June 30, 2019 Account No. Debit Credit Name 249,080 13,800 936 4,400 55,000 100 Cash 110 Accounts Receivable 130 Office Supplies 140 Prepaid Advertising 160 Computer Equipment 161 | Accum Depn: Computer Equipment 210 Accounts Payable 220 Wages Payable 221 Telephone Payable 225 Interest Payable 230 Unearned Revenue 250 Bank Loan Payable 300 Capital 392 1,440 10,540 100 990 1,400 198,000 107,000 2,000 310 Income Summary 350 Withdrawals 400 Revenues 516 Wages Expense 541 Telephone Expense 28,600 543 Advertising Expense 544 Office Supplies Expense 560 Depn Expense: Computer Equipment 571 Interest Expense 15,740 260 4,400 1,464 392 990 Total 348,462 348,462