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.

GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30 (select) (select) (select) (select) (select) (select) Income Summary (Closing entry to credit the Income Summary account) Jun 30 4 (To close the balance of the Income Summary account) GENERAL LEDGER Answered: Interest During Construction Ata Company is C... Date Ref. Debit Credit Balance Description 31 Balance May 148,351 CR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Income Summary Account No. 310 Date Ref. Debit Credit Balance Description 31 Balance May 0 Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Sales Revenue Account No. 400 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun SJ 70,880 70,880 CR 30 Total from sales journal 30 Total from cash receipts journal Jun CRJ 65,844 136,724 CR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Sales Returns and Allowances Account No. 401 Date Ref. Debit Credit Balance May Description 31 Balance 19 Sales return from SloZone 0 Jun GJ 4,900 4,900 DR Jun 30 Jun 30 10000 Jun 30 Jun 30 Post-Closing Balance Account: Sales Discounts Answered: Bean Counters Coffeehouse Worksheet For the m... Date Destrom May 31 Balance Jun 30 Total from cash receipts journal Ref. Debit Credit Balance 0 CRJ 293 293 DR Jun 30 4 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Interest Revenue Account No. 403 Date Description Ref. Debit Credit Balance May 31 | Balance 0 Jun 30 Interest received from the bank GJ 585 585 CR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Cost of Goods Sold Account No. 500 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 19 Sales return from SloZone GJ 2,800 2,800 CR Jun SJ 41,100 38,300 DR 30 Total from sales journal 30 Total from cash receipts journal Jun CRJ 38,054 76,354 DR Jun 30 4 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Advertising Expense Account No. 511 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Benefits consumed GJ 4,000 4,000 DR Jun 30 Jun 30 4 Jun 30 Jun 30 Post-Closing Balance Account: Wages Expense Account No. 516 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Total from cash payments journal CPJ 7,438 DR 7,438 1,860 Jun 30 Accrued wages expense GJ 9,298 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Rent Expense Account No. 540 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Rent expired GJ 4,750 4,750 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Electricity Expense Account No. 541 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Accrued electricity expense GJ 240 240 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Water Expense Account No. 542 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Accrued water expense GJ 1,155 1,155 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Insurance Expense Account No. 543 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Insurance expired GJ 840 840 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Office Supplies Expense Account No. 544 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Supplies used GJ 438 438 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Salary Expense Account No. 545 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Owner salary CPJ 4,100 4,100 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance (Q=958-56 Account: Depn Expense: Office Furniture Account No. 560 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Depreciation - one month GJ 83 83 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Depn Expense: Office Furniture Account No. 560 Date Ref. Debit Credit Balance Description 31 Balance May Jun 30 Depreciation - one month GJ 83 83 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance (Q=958-56 Account: Depn Expense: Office Equipment Account No. 561 Date Ref. Debit Credit Balance May Description 31 Balance 30 Depreciation - one month Jun GJ 375 375 DR Jun 30 Jun 30 Jun 30 Jun 30 Post-Closing Balance Account: Interest Expense Account No. 571 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Accrued interest expense GJ 200 200 DR Jun 30 4 Jun 30 Jun 30 4 Jun 30 Post-Closing Balance Account: Admin. Expense - Bank Charges Account No. 572 Date Description Ref. Debit Credit Balance May 31 Balance 0 Jun 30 Bank service charge GJ 10 10 DR Jun 30 4 Jun 30 Jun 30 4 Jun 30 Post-Closing Balance Bean Counters Coffeehouse Income Statement For the month ended June 30, 2020 $ 131,531 (76,354) 55,177 INCOME $ $ Revenue Sales Revenue 136,724 Sales Returns and Allowances (4,900) Sales Discounts (293) Net sales revenue COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES Selling expenses Advertising Expense (4,000) Wages Expense (9,298) Total selling expenses (13,298) General and administrative expenses Rent Expense (4,750) Electricity Expense (240) Water Expense (1,155) Insurance Expense (840) Office Supplies Expense (438) Salary Expense (4,100) Depn Expense: Office (83) Furniture Depn Expense: Office (375) Equipment Admin. Expense - Bank (10) Charges Total general and administrative (11,991) expenses TOTAL OPERATING EXPENSES INCOME FROM OPERATIONS Other revenues Interest Revenue Other expenses Interest Expense NET INCOME (25,289) 29,888 585 (200) 30,273 Statement of stockholders' equity Bean Counters coffeehouse Bean Counters Coffeehouse Statement of Stockholders' Equity For the month ended June 30, 2020 COMMON STOCK $ Opening balance, May 31, 2020 45,000 Issue of common stock 0 Closing balance, June 30, 2020 45,000 RETAINED EARNINGS Opening balance, May 31, 2020 148,351 Net income for the period 30,273 Dividend paid (0) Closing balance, June 30, 2020 178,624 Balance sheet Bean Counters coffeehouse Bean Counters Coffeehouse Balance Sheet June 30, 2020 $ $ $ 151,866 74,462 ASSETS Current Assets Cash ARC - Accounts Receivable Control Merchandise Inventory Office Supplies Prepaid Rent Prepaid Advertising Prepaid Insurance Total Current Assets 23,252 3,944 4,750 8,000 3,360 269,634 Property, Plant and Equipment Office Furniture 7,000 Accum Depn: Office Furniture (1,166) Office Equipment 51,000 Accum Depn: Office (17,250) Equipment Total Property, Plant and Equipment 39,584 TOTAL ASSETS 309,218 40,956 LIABILITIES Current Liabilities APC - Accounts Payable Control Wages Payable Electricity Payable Water Payable Interest Payable Total Current Liabilities 1,860 303 2,275 200 45,594 Long-term Liabilities Bank Loan Payable TOTAL LIABILITIES 40,000 85,594 STOCKHOLDERS' EQUITY Common Stock 45,000 Retained Earnings 178,624 TOTAL EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 223,624 309,218 Post-closing trial balance ~ May Bean Counters Coffeehouse Post-closing Trial Balance May 31, 2020 Debit Credit Account No. Name 100 Cash 71,227 110 ARC - Accounts Receivable Control 31,112 78,578 3,981 12,000 4,200 7,000 1,083 51,000 16,875 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 310 Income Summary 400 Sales Revenue 44,558 1,194 917 1,120 45,000 148,351 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Cost of Goods Sold 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges Total 259,098 259,098 SUBSIDIARY LEDGERS PRE CLOSING Account: ARC - Quick Bolt Coffee Account No. 110-1 Date Description Ref. Debit Credit Balance May 31 Balance 2,930 DR Jun CRJ 2,930 0 9 Repayment 30 Adjusted Balance Jun 0 Account: ARC - Kavalava Account No. 110-2 Date Description Ref. Debit Credit Balance May 31 Balance 4,036 DR 4,036 DR Jun 30 Adjusted Balance Account: ARC - SloZone Account No. 110-3 Date Description Ref. Debit Credit Balance May 31 Balance 12,028 DR Jun 10 Credit sale SJ 4,900 16,928 DR Jun 19 Sales return GJ 4,900 12,028 DR Jun CRJ 12,028 0 24 Repayment 30 Adjusted Balance Jun 0 Account: ARC - Central Coffee Account No. 110-4 Date Description Ref. Debit Credit Balance May 31 Balance 4,913 DR Jun CRJ 4,913 0 29 Repayment 30 Adjusted Balance Jun 0 Account: ARC - Jandesh's Hot Spot Account No. 110-5 Date Ref. Debit Credit Balance Description 31 Balance May 2,759 DR Jun CRJ 2,759 0 5 Repayment 15 Credit sale Jun SJ 3,990 3,990 DR Jun 23 Credit sale SJ 50,020 54,010 DR Jun 30 Adjusted Balance 54,010 DR Account: ARC - Con's Coffee Account No. 110-6 Date Description Ref. Debit Credit Balance May 31 Balance 4,446 DR Jun CRJ 1,200 20 Repayment 25 Credit sale Jun SJ 11,970 3,246 DR 15,216 DR 16,416 DR 16,416 DR Jun GJ 1,200 30 Not-Sufficient-Funds (NSF) check 30 Adjusted Balance Jun Account: APC - Brazil Imports Group Account No. 210-1 Date Ref. Debit Credit Balance Description 31 Balance 2,417 CR May Jun CPJ 2,417 0 Jun PJ 7,360 7,360 CR 14 Repayment 16 Credit purchase 28 Repayment 30 Adjusted Balance Jun CPJ 7,360 0 Jun 0 Account: APC - Jordo Gourmet Coffee Account No. 210-2 Date Description Ref. Debit Credit Balance May 31 Balance 3,427 CR Jun CPJ 3,427 0 10 Repayment 30 Adjusted Balance Jun 0 Account: APC - Dominga Wholesalers Account No. 210-3 Date Description Ref. Debit Credit Balance May 31 Balance 25,489 CR 25,489 CR Jun 30 Adjusted Balance Account: APC - East Tangiers Cooperative Account No. 210-4 Date Description Ref. Debit Credit Balance May 31 Balance 3,647 CR Jun PJ 5,520 9,167 CR 30 Credit purchase 30 Adjusted Balance Jun 9,167 CR Account: APC - Abejundio Coffee Account No. 210-5 Date Description Ref. Debit Credit Balance May 31 Balance 4,680 CR Jun CPJ 4,680 0 13 Repayment 17 Credit purchase Jun PJ 3,900 3,900 CR Jun 28 Purchase return GJ 1,800 2,100 CR Jun 30 Adjusted Balance 2,100 CR Account: APC - Buena Vista Coffee Account No. 210-6 Date Ref. Debit Credit Balance May 4,898 CR Jun Description 31 Balance 6 Repayment 8 Credit purchase 30 Adjusted Balance CPJ 4,898 0 Jun PJ 4,200 4,200 CR Jun 4,200 CR