Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is enteren ami M begin{tabular}{l|r|lr} hline

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is enteren ami M \begin{tabular}{l|r|lr} \hline Accounts Receivable & \multicolumn{2}{|c}{} \\ \hline 3/14 & 2,810 & 3/21 & 1,220 \\ \hline 3/28 & 3,190 & \\ 3/31 & 150 & \\ \hline 3/31 Bal. & 4,930 & \end{tabular} \begin{tabular}{lr|r|r} Prepaid Rent \\ \hline 3/2 & 1,200 & 3/31 & 400 \\ \hline 3/31Bal & 800 & & \\ \hline \end{tabular} Prepaid Insurance \begin{tabular}{lr|ll} \hline 3/3 & 1,800 & 3/31 \\ \hline 3/31Bal & 1,500 & \end{tabular} \begin{tabular}{ll|l} 3/3 & 1,800 & 3/31 \\ \hline 3/31Bal & 1,500 & \end{tabular} Accumulated Depreciation-Equipment Notes Payable \begin{tabular}{l|lr} \hline & 3/1 & 4,800 \\ \hline & 3/31Bal. & 4,800 \end{tabular} \begin{tabular}{ll|ll|} \hline Accounts Payable & \multicolumn{3}{l|}{} \\ \hline 3/18 & 380 & 3/6 & 1,520 \\ \hline & & 3/31BaL & 1,140 \end{tabular} Salaries and Wages Payable \begin{tabular}{l|lr} \hline & 3/31 & 820 \\ \hline & 3/31Bal & 820 \\ \hline Interest Payable & & \\ \hline & & \\ \hline & 3/31 & 24 \\ \hline & 3/31Bal. & 24 \end{tabular} Common Stock \begin{tabular}{l|ll} \hline & 3/1 & 11,400 \\ \hline 1+3/31Bal & 11,400 \end{tabular} Common Stock \begin{tabular}{l|lr} \hline & 3/1 & 11,400 \\ \hline & 3/31Bal1 & 11,400 \end{tabular} Retained Earnings Dividends Income Summary Service Revenue Maintenance and Repairs Expense Supplies Expense \begin{tabular}{lr|r|} \hline 3/31 & 1,310 & \\ \hline 3/31 Bal. v & & \\ \hline \end{tabular} Depreciation Expense \begin{tabular}{ll|l} 3/31 & 190 & \\ \hline & & \\ \hline 3/31 Bal. v & 190 & \\ \hline \end{tabular} Insurance Expense 3/31 Salaries and Wages Expense Insurance Expense \begin{tabular}{|l|l|l|} \hline 3/31 & 300 & \\ \hline 3/31 Bal. v & & \\ \hline \end{tabular} Salaries and Wages Expense Rent Expense \begin{tabular}{|l|l|l|} \hline 3/31 & 400 & \\ \hline 3/31 Bal. v & 400 & \\ \hline \end{tabular} Interest Expense' 3/31 24 24

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

Recommended Textbook for

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

15th Edition

0273760882, 9780273760887

More Books

Students also viewed these Accounting questions

Question

Understand the goals of succession planning

Answered: 1 week ago