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Need help with closing entries Here are my journal entries A B E F G H J K L M N OP R S T
Need help with closing entries
Here are my journal entries
A B E F G H J K L M N OP R S T U Y W X Labels and Amount Descriptions CHART OF ACCOUNTS Diamond Consulting General Ledger REVENUE 41 Fees Eamed ASSETS 11 Cash 12 Accounts Receivable 14 Supplies 15 Prepaid Rent 16 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation EXPENSES 51 Salary Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 55 Insurance Expense 59 Miscellaneous Expense Labels Current assets Current liabilities Expenses For the Month Ended July 31, 20Y2 July 31, 2012 Property, plant, and equipment Revenues Amount Descriptions Balances, July 1, 2012 Balances, July 31, 2012 Dividends Issued common stock Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Uneamed Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 2012, Steffy decided to 2 move to rented quarters and to operate the business, which was to be known as Diamond Consulting, on a full-time basis. Diamond 3 . entered into the following transactions during July 5 Jul 1 The following assets were received from Steffy Lopez in exchange for common stock cash, $12.500 S accounts receivable, $20,800 supplies 53.100 and office equipment. $7.500. There were no liabilities - received 3 1 9 Paid two months' rent on a lease rental contract, 54.800 Paid the premiums on property and casualty insurance policies $4.500 4 Received cash from clients as an advance payment for services to be provided, and recorded it as 2 uneamed fees $5.500 3 5 Purchased additional office equipment on account from Office Station Co. $6,500 6 Received cash from clients on account, $15.300 5 10 Paid cash for a newspaper advertisement, 5400 8 12 Paid Office Station Co for part of the debt incurred on July 5, 55,200 . 12 Recorded services provided on account for the period July 1-12. $13,300 3 14 Paid receptionist for two weeks' salary, $1,700 9 0 Record the following transactions on Page 2 of the journal 1 2 Jul 17 Recorded cash from cash clients for fees earned during the period July 1-17, 59,450 3 18 Paid cash for supplies 5600 4 20 Recorded services provided on account for the period July 13-20, S6,650 5 24 Recorded cash from cash clients for fees earned for the period July 17-24, 55.000 6 26 Received cash from clients on account, $12.000 7 27 Paid receptionist for two weeks salary, S1,700. 3 29 Paid telephone bill for July 5400 9 31 Paid electricity bill for July, 5575 0 , 31 Recorded cash from cash clients for fees earned for the period July 25-31, S5200 1 1 2 9. a. Journalize the closing entries on page 4 of the journal 3 4 5 How does sreding work? 6 7 JOURNAL 3 Score: 99/133 9 9 DESCRIPTION POSTRE DEBIT CREDIT 0 1 Closing Entries 1 2 Jul 31 Fees Earned 41 44,600.00 2 3 3 Retained Earnings 32 4 Miscellaneous Expense 59 5 5 Salary Expense 51 6 7 Insurance Expense 55 3 7 Supplies Expense 53 9 Depreciation Expense 54 0 Rent Expense 52 1 10 Jul 31 Dividends 33 3 Retained Earnings 32 4 PAGE 4 ACCOUNTING EQUATION ASSETS UABUTIES EQUITY B C D E | F G H I K L M N O P Q R S T U V W X S ME 3 127 L. 29 18 ute 100.00 131 LE 51 35 . o o JOURNA ACCOUNTING FOOD 31 31 O 31 o 31 UL 2,400.00 OStep by Step Solution
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