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Part 1: Prepare closing journal entries S. Scott Painting Company Adjusted Trial Balance December 31, 2019 Debits Credits Cash $ 4,750 Accounts Receivable 2592 Prepaid
Part 1:
Prepare closing journal entries
| S. Scott Painting Company | ||
| Adjusted Trial Balance | ||
| December 31, 2019 | ||
| Debits | Credits | |
| Cash | $ 4,750 | |
| Accounts Receivable | 2592 | |
| Prepaid Insurance | 380 | |
| Prepaid Rent | 200 | |
| Painting Supplies | 152 | |
| Painting Equipment | 3875 | |
| Accum. Deprec. - Equip | 320 | |
| Truck | 7200 | |
| Accum. Deprec. - Truck | 720 | |
| Accounts Payable | 420 | |
| Wages Payable | 295 | |
| Unearned Painting Revenue | 1690 | |
| Scott, Capital | 15034 | |
| Scott, Withdrawals | 2000 | |
| Painting Revenue | 14620 | |
| Wages Expense | 5680 | |
| Rent Expense | 1350 | |
| Fuel, Oil, and Other Truck Exp | 580 | |
| Insurance Expense | 380 | |
| Supplies Expense | 2920 | |
| Depreciation Expense - Equip | 320 | |
| Depreciation Expense - Truck | 720 | |
| $ 33,099 | $ 33,099 | |
| Prepare closing journal entries | ||
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
10th edition
978-0078025624
