Panther Marine Corporation
For the Month Ended JULY 31, 2017
Instructions: Below is adjusted trial balance for the month FOLLOWING the previous journal entries. The amounts are NOT related and should not be used as check figures for normal and adjusting journal entries from June.
						Adjusted
		Trial Balance
Acct. No.	Account Title	Dr.	Cr.
100	Cash	372,840.00
102	Accounts Receivable	755,400.00
103	Allowance for Doubtful Accounts		19,816.89
104	Merchandise Inventory	346,350.00
105	Estimated Returns Inventory	43,541.00
106	Office Supplies	2,465.00
107	Prepaid Insurance	10,500.00
120	Investments - Trading	60,000.00
121	Investments - Available for Sale	26,450.00
122	Investments - Held to Maturity	40,005.01
123	Valuation Allowance		35,000.00
140	Land	2,000,600.00
145	Building	2,146,167.60
146	Accumulated Depreciation - Building		1,500,000.00
151	Equipment	61,000.00
152	Accumulated Depreciation - Equipment		30,000.00
153	Office Furniture	22,500.00
154	Accumulated Depreciation - Office Furniture		4,500.00
201	Accounts Payable		904,850.00
202	Wages Payable		-
203	Interest Payable		-
204	Dividends Payable		-
205	Unearned Rent		4,000.00
206	Customer Refunds Payable		29,027.60
250	Notes Payable		212,000.00
251	Bonds Payable		400,000.00
252	Premium on Bonds Payable
253	Discount on Bonds Payable
252	Mortgage (Warehouse) Payable		198,000.00
300	Common Stock, $1 Par, 100,000 Authorized; 40,000 shares Issued/Outstanding		65,500.00
301	Paid In Capital - Excess of Par		396,000.00
330	Retained Earnings		38,500.00
331	Cash Dividends	100,000.00
340	Treasury Stock	18,000.00
341	Unrealized (Gain) Loss Available for Sale Securities	-	-
500	Sales		2,902,760.00
600	Cost of Goods Sold	582,159.00
700	Wage Expense (hourly workers)	9,500.00
701	Salaries Expense (Exempt Staff)	29,000.00
702	Marketing Expense	75,000.00
703	Travel and Entertainment Expense	925.00
704	Bad Debt Expense	9,816.88
705	Property Tax Expense	-
706	Office Maintenance & Repair Expense	-
707	Legal Expenses	5,400.00
708	Insurance Expense	3,500.00
709	Utilities Expense	-
710	Office Supplies Expense	735.00
711	Telecommunications Expense	100.00
712	Depreciation Expense - Equipment	6,000.00
713	Depreciation Expense - Office Furniture	1,500.00
800	Rent Income		2,000.00
801	Unrealized Gain - Trading Securities		6,000.00
802	Realized Gain - Investment Securities		18,000.00
900	Interest Expense	12,500.00
901	Unrealized Loss - Trading Securities	15,000.00
902	Realized Loss - Investment Securities	9,000.00
	Total	6,765,954.490	6,765,954.490

General Journal - Adjusting Entries

July Month-end CLOSING ENTRIES:

Instructions: Please write the JULY month end closing entries USING the adjusted trial balance workbook amounts. Use end of month as date. List debits before credits, skip a line between each entry and only use account titles from adjusted trial balance workbook. That's it! Part 1 is complete after finishing below closing entries. Give yourself a pat on the back!

7/31 (A )

Close ALL revenue and income accounts to income summary.

7/31 (B )

Close ALL expense accounts WITH balances to income summary.

7/31 (C )

Close cash dividends to retained earnings

7/31 (D )

Close income summary to retained earnings

Page 1

The end value is suppose to be 5,957,520 and I have not been able to get it to work out!