Question
Need help with closing entries. ADJUSTED INCOME BALANCE ACCT ACCOUNT YEAR-END ADJUSTMENTS TRIAL BALANCE STATEMENT SHEET NO. TITLE ID # DEBIT ID # CREDIT DEBIT
Need help with closing entries.
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| ADJUSTED | INCOME | BALANCE | |||
ACCT | ACCOUNT | YEAR-END ADJUSTMENTS | TRIAL BALANCE | STATEMENT | SHEET | ||||||
NO. | TITLE |
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| ID # | DEBIT | ID # | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
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| ASSETS |
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10100 | Cash |
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| 93,304.29 |
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| 93,304.29 |
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10200 | Accounts receivable |
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| 48,149.00 |
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| 48,149.00 |
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10300 | Allowance for doubtful accounts |
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| 3,028.74 |
| 1,879.55 |
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| 1,879.55 |
10400 | Inventory |
| 90,286.00 |
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| 191,967.00 |
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| 191,967.00 |
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10600 | Marketable securities |
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| 24,000.00 |
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| 24,000.00 |
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10800 | Fixed assets |
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| 331,731.40 |
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| 331,731.40 |
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10900 | Accumulated depreciation |
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| 35,023.64 |
| 116,583.14 |
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| 116,583.14 |
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| LIABILITIES |
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20100 | Accounts payable |
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| 7,952.01 |
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| 7,952.01 |
20300 | Federal income taxes withheld |
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| 1,450.00 |
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| 1,450.00 |
20400 | State unemployment taxes payable |
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| 110.44 |
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| 110.44 |
20500 | Federal unemployment taxes payable |
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| 18.67 |
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| 18.67 |
20600 | F.I.C.A. taxes payable |
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| 2,229.32 |
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| 2,229.32 |
20700 | Federal incomes taxes payable |
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| 54,837.12 |
| 54,837.12 |
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| 54,837.12 |
20900 | Interest payable |
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| 156.16 |
| 156.16 |
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| 156.16 |
21000 | Notes payable |
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| 60,000.00 |
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| 60,000.00 |
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| STOCKHOLDERS' EQUITY |
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26000 | Common stock |
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| 225,000.00 |
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| 225,000.00 |
29000 | Retained earnings |
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| 90,264.99 |
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| 90,264.99 |
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| REVENUE AND GROSS PROFIT |
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30100 | Sales |
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| 1,590,883.00 |
| 1,590,883.00 |
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30200 | Sales returns and allowances |
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| 61,106.00 |
| 61,106.00 |
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30300 | Sales discounts taken |
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| 15,405.82 |
| 15,405.82 |
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30400 | Cost of goods sold |
| 1,026,379.96 |
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| 1,026,379.96 |
| 1,026,379.96 |
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30500 | Purchases |
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| 1,128,159.00 | 0.00 |
| 0.00 |
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30600 | Purchases returns and allowances |
| 19,445.00 |
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| 0.00 |
| 0.00 |
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30700 | Purchases discounts taken |
| 16,554.48 |
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| 0.00 |
| 0.00 |
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30800 | Freight-in |
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| 24,506.44 | 0.00 |
| 0.00 |
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31200 | Miscellaneous revenue |
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| 825.00 |
| 825.00 |
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| EXPENSES |
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40100 | Rent expense |
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| 57,600.00 |
| 57,600.00 |
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40200 | Advertising expense |
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| 22,275.00 |
| 22,275.00 |
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40300 | Office supplies expense |
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| 5,664.91 |
| 5,664.91 |
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40400 | Depreciation expense |
| 35,023.64 |
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| 35,023.64 |
| 35,023.64 |
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40500 | Wages and salaries expense |
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| 140,663.35 |
| 140,663.35 |
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40600 | Payroll tax expense |
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| 11,611.26 |
| 11,611.26 |
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40700 | Federal income tax expense |
| 54,837.12 |
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| 54,837.12 |
| 54,837.12 |
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40800 | Interest expense |
| 156.16 |
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| 156.16 |
| 156.16 |
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40900 | Bad debt expense |
| 3,028.74 |
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| 3,028.74 |
| 3,028.74 |
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41000 | Other operating expense |
| 0.00 |
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| 29,285.75 |
| 29,285.75 |
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| Sub-totals |
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| 1,463,037.71 | 1,591,708.00 | 689,151.69 | 560,481.40 |
| Net Income (Loss) | -------- | ----------------- | -------- | ----------------- | ----------------- | ----------------- | 128,670.29 |
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| 128,670.29 |
| TOTALS |
| 1,245,711.10 |
| 1,245,711.10 | 2,152,189.40 | 2,152,189.40 | 1,591,708.00 | 1,591,708.00 | 689,151.69 | 689,151.69 |
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