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MOSESS GROUND MAINTENANCE, INC. PRACTICE SET Need help with Assignment #7: Closing Entries (10 points) In proper General Journal format prepare the closing entries for
MOSESS GROUND MAINTENANCE, INC. PRACTICE SET Need help with Assignment #7: Closing Entries (10 points) In proper General Journal format prepare the closing entries for YOUR Accounting Corporation. Post the closing entries to the General Ledger Accounts, use appropriate posting references. I have the correct ADjsuted Trial Balance just not sure which accounts go $0.00
MOSES'S GROUND MAINTENANCE, INC ADJUSTED TRIAL BALANCE September 30, 2018 | ||||||
DEBIT | CREDIT | |||||
Cash | 77,838.58 | |||||
Petty Cash | 150.00 | |||||
Accounts Receivable | 5,000.00 | |||||
Inventory | 2,410.00 | |||||
Prepaid Insurance | 1,640.00 | |||||
Lawn Equipment | 8,350.00 | |||||
Accumulated Depreciation Lawn Equipment | 611.11 | |||||
Truck | 35,000.00 | |||||
Accumulated Depreciation Truck | 1,595.00 | |||||
Trailer | 10,000.00 | |||||
Accumulated Depreciation Trailer | 633.00 | |||||
Accounts Payable | 4,515.00 | |||||
Customer Deposits (Unearned Revenue) | 1,800.00 | |||||
SALES TAX PAYABLE | 18.00 | |||||
FICA Payable | 91.80 | |||||
FUTA Payable | 18.00 | |||||
Federal Income Tax Payable | 90.00 | |||||
State Income Tax Payable | 18.00 | |||||
Current Maturities of Long-Term Debt | 7,778.18 | |||||
Notes Payable (long-term) | 35,372.23 | |||||
Interest Payable | 151.32 | |||||
Salaries Payable | ||||||
Common Stock ($1 par value) | 50,500.00 | |||||
Additional Paid-in Capital on Common Stock | 51,000.00 | |||||
Retained Earnings | ||||||
Dividends | 6,000.00 | |||||
Sales Revenue | 2,835.00 | |||||
Services Revenue | 13,150.00 | |||||
Cost of Goods Sold | 1,890.00 | |||||
Accounting Services Expense | 7,925.00 | |||||
Sales Discounts | ||||||
Advertising & Promotion Expense | 3,500.00 | |||||
Depreciation Expense | 2,839.11 | |||||
Subscription Expense | 36.00 | |||||
Insurance Expense | 460.00 | |||||
Legal Expnese | 2,500.00 | |||||
Meals & Entertainment Expense | 25.00 | |||||
Taxes and Licenses | 125.00 | |||||
Telephone Expense | 1,220.00 | |||||
Utilities Expense | 975.00 | |||||
Fuel Expense | 375.00 | |||||
Interest Expense | 1,039.05 | |||||
Payroll Tax Expense | 78.90 | |||||
Wages Expense | 800.00 | |||||
Income Summay | ||||||
170,176.64 | 170,176.64 |
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