Need help with General Journal pg. 3 Closing Entries and Post-Closing Trial Balance.
EDIT: Not sure why there are two graphs for closing entries. That's partly why I needed help. This may be an error on the professor's part.
The units in MOVIU F S 17 through 19, ar with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You will learn about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries Accounts / / 11 30 TUL DIT / Note: Now prepare the worksheet, entering the trial balance amounts from in the first two columns of the worksheet. Problem 19-1 (continued) Worksheet Penelope Francis, Branding Specialist Worksheet For the Month Ended December 31, XXX1 Thail Balance Adjustments Adjusted Tha Balance Income Statement Balance Sheet Debit Credit Debit Debit Credit Credit Debit Credit Credit Debit Cash 9,565 9,565 9,565 Account Receivable - Beverly 400 400 400 Medical Supplies 1,500 200 1,300 1,300 Prepaid Rent 4,500 1,500 3,000 3,000 Prepaid Insurance 2.400 200 2 200 2,200 Office Supplies 300 270 30 P. Francis, Capital 20,000 20,000 20,000 P. Francis, Drawing 1,000 1.000 1,000 Income from Fees 1,600 1,600 1,600 Salary Expense 600 680 Telephone and Internet Expense 85 85 85 Uniform Expense 150 150 150 Accounting and Legal Expense 500 500 500 Promotion Expense 100 100 100 Maintenance Expense 500 500 500 Totals 21.600 21.600 Medical Supplies Expense 200 200 200 Rent Expense 1,500 1,500 1,500 Insurance Expense 200 200 519 Office Supplies Expense 270 270 213 Accrued Salaries Payable 80 80 Totals 2.250 2.250 21.68021.680 4.185 1.600 17.495 20.080 Net Income -2,585 -2.585 Totals 1,600 1,600 17.49617,495 411 80 680 200 270 Page 7 of 26 MODULE 7 - CLOSING THE BOOKS The units in Module 7: Units 17 through 19, deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries. Problem 19-1 (continued) Closing Entries DEBIT GENERAL JOURNAL Page 4 ACCOUNTS AND EXPLANATION XXX1 Closing Entries Dec. 31 Fees Earned Income Summary To close the income account 1.600 1,600 3.945 150 31 Income Summary Uniform Expense Salary Expense Telephone Expense Accounting and Legal Expense Promotion Expense Maintenance Expense Medical Supplies Expense Rent Expense Insurance Expense Office Supplies Expense To close expense accounts 500 100 500 200 1,500 200 31 2.345 Penelope, Capital Income Summary To transfer net loss 2.345 1.000 31 Penelope, Capital Penelope. Withdrawals To close drawing account 1,000 Page 12 of 26 MODULE 7 - CLOSING THE BOOKS nes in Module Units 17 through 19. deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle, you will be about adjusting and closing entries, balance and ruling ledger accounts, the Post-Clasing Trial Balance, and reversing entries. Problem 19-1 (continued) Closing Entries REF. DEBIT CREDIT GENERAL JOURNAL Page 3 DATE ACCOUNTS AND EXPLANATION XXX1 Closing Entries Dec. 31 Fees Earned Income Summary To close the income account 31 To close expense accounts 31 Penelope, Capital Income Summary To transfer net loss 31 Penelope, Capital Penelope, Drawing To close drawing account Page 13 of 26 No Spacing Heading 1 vou Heading 2 E abe x x Avev Av Heading MODULE 7 - CLOSING THE BOOKS The units in Module 7, Units 17 through 19, deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You will learn about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries. Problem 19-1 (continued) Post-Closing Trial Balance Note: Last, using the Adjustments column of the worksheet on page 5 or the adjusting entry for salaries in the General Journal on page 8, journalize the Reversing Entry. Then post it to the appropriate general ledger accounts on pages 10-14. Remember, reversing entries are just the reverse of any accrued expense or accrued revenue adjusting entries: and they are dated the first day of the next year. Reversing entries are not mandatory; they are optional. The reason they are done is that they make follow-up entries easier that must be done in the new year and thus save time. Problem 19-1 (continued) Reversing Entries REE DEBIT CREDIT XXX2 Jan. GENERAL JOURNAL Page 5 ACCOUNTS AND EXPLANATION Reversing Entry Accrued Salaries Payable Salary Expense To reverse accrued salary expense adlustment 1 80 80 I The units in MOVIU F S 17 through 19, ar with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You will learn about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries Accounts / / 11 30 TUL DIT / Note: Now prepare the worksheet, entering the trial balance amounts from in the first two columns of the worksheet. Problem 19-1 (continued) Worksheet Penelope Francis, Branding Specialist Worksheet For the Month Ended December 31, XXX1 Thail Balance Adjustments Adjusted Tha Balance Income Statement Balance Sheet Debit Credit Debit Debit Credit Credit Debit Credit Credit Debit Cash 9,565 9,565 9,565 Account Receivable - Beverly 400 400 400 Medical Supplies 1,500 200 1,300 1,300 Prepaid Rent 4,500 1,500 3,000 3,000 Prepaid Insurance 2.400 200 2 200 2,200 Office Supplies 300 270 30 P. Francis, Capital 20,000 20,000 20,000 P. Francis, Drawing 1,000 1.000 1,000 Income from Fees 1,600 1,600 1,600 Salary Expense 600 680 Telephone and Internet Expense 85 85 85 Uniform Expense 150 150 150 Accounting and Legal Expense 500 500 500 Promotion Expense 100 100 100 Maintenance Expense 500 500 500 Totals 21.600 21.600 Medical Supplies Expense 200 200 200 Rent Expense 1,500 1,500 1,500 Insurance Expense 200 200 519 Office Supplies Expense 270 270 213 Accrued Salaries Payable 80 80 Totals 2.250 2.250 21.68021.680 4.185 1.600 17.495 20.080 Net Income -2,585 -2.585 Totals 1,600 1,600 17.49617,495 411 80 680 200 270 Page 7 of 26 MODULE 7 - CLOSING THE BOOKS The units in Module 7: Units 17 through 19, deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries. Problem 19-1 (continued) Closing Entries DEBIT GENERAL JOURNAL Page 4 ACCOUNTS AND EXPLANATION XXX1 Closing Entries Dec. 31 Fees Earned Income Summary To close the income account 1.600 1,600 3.945 150 31 Income Summary Uniform Expense Salary Expense Telephone Expense Accounting and Legal Expense Promotion Expense Maintenance Expense Medical Supplies Expense Rent Expense Insurance Expense Office Supplies Expense To close expense accounts 500 100 500 200 1,500 200 31 2.345 Penelope, Capital Income Summary To transfer net loss 2.345 1.000 31 Penelope, Capital Penelope. Withdrawals To close drawing account 1,000 Page 12 of 26 MODULE 7 - CLOSING THE BOOKS nes in Module Units 17 through 19. deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle, you will be about adjusting and closing entries, balance and ruling ledger accounts, the Post-Clasing Trial Balance, and reversing entries. Problem 19-1 (continued) Closing Entries REF. DEBIT CREDIT GENERAL JOURNAL Page 3 DATE ACCOUNTS AND EXPLANATION XXX1 Closing Entries Dec. 31 Fees Earned Income Summary To close the income account 31 To close expense accounts 31 Penelope, Capital Income Summary To transfer net loss 31 Penelope, Capital Penelope, Drawing To close drawing account Page 13 of 26 No Spacing Heading 1 vou Heading 2 E abe x x Avev Av Heading MODULE 7 - CLOSING THE BOOKS The units in Module 7, Units 17 through 19, deal with the procedures carried out at the end of an accounting year to close the books and complete the accounting cycle. You will learn about adjusting and closing entries, balance and ruling ledger accounts, the Post-Closing Trial Balance, and reversing entries. Problem 19-1 (continued) Post-Closing Trial Balance Note: Last, using the Adjustments column of the worksheet on page 5 or the adjusting entry for salaries in the General Journal on page 8, journalize the Reversing Entry. Then post it to the appropriate general ledger accounts on pages 10-14. Remember, reversing entries are just the reverse of any accrued expense or accrued revenue adjusting entries: and they are dated the first day of the next year. Reversing entries are not mandatory; they are optional. The reason they are done is that they make follow-up entries easier that must be done in the new year and thus save time. Problem 19-1 (continued) Reversing Entries REE DEBIT CREDIT XXX2 Jan. GENERAL JOURNAL Page 5 ACCOUNTS AND EXPLANATION Reversing Entry Accrued Salaries Payable Salary Expense To reverse accrued salary expense adlustment 1 80 80
