P3-5 Prepare closing entries including general ledger account numbers and descriptions. Cash - Debit $3,300 Accounts receivable - debit $4,000 Prepaid insurance - debit $1,200 Unused supplies - debit $500 Truck - debit $8,000 Acc. dep. truck - Credit $0 Accounts payable -credit 5,000 Salaries payable - $0 Unearned rent revenue - Credit $2,400 Income taxes payable - Credit $0 Share capital - Credit $7,000 Dividends - debit $1,000 Commissions earned - Credit $16,100 Rent earned - credit $0 Advertizing expense - debit $200 Commissions expense - debit $1000 Dep. expense truck - debit $0 Insurance expense - $0 Interest

These numbers come off the adjusted trial balance sheet

Adjustment entries are adjusted directly in the trial balance and it is shown as

	Unadjusted trial balance	Adjustment	Adjusted trial balance
	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3300			(f) 100	3200
Account receivable	4000				4000
Prepaid insurance	1200			(a) 600	600
Unused supplies	500			(b) 200	300
Truck	8000				8000
Acc. Depreciation - Truck		0		(c) 1000		1000
account payable		5000				5000
Salaries payable		0		(d) 200		200
Unearned rent revenue		2400	(e)1200			1200
Income tax Payable		0		(g) 300		300
Share capital		7000				7000
Dividends	1000				1000
Commission earned		16100				16100
Rent earned		0		(e) 1200		1200
Advertising expense	200				200
Commission expense	1000				1000
Depreciation expense	0		(c) 1000		1000
Insurance expense	0		(a) 600		600
Interest expense	400				400
Rent expense	3600				3600
Salaries expense	7000		(d) 200		7200
supplies expense	0		(b) 200		200
Telephone expense	300		(f) 100		400
Income tax expense	0		(g) 300		300
Total	30500	30500	3600	3600	32000	32000