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90 Project 214: Cloting ActiviEL Fidos Food Mart Adjusted Trial Balance December 31, 20Xx Debits Credits Account Title Cash Accounts Receivable Allowance for Doubtful Accounts 56,996 9,512 1,260 20,390 650 Inventory Supplies Prepaid Insurance Equipment Vchicle 12,250 Accumulated Depreciation Equipment and Vehicle 62,128 400 275 2,200 12,000 46,200 300 Accounts Payable Interest Payable Unearned Revenue (Gift Cards) Dividends Payable Bonds Payable (mature 12/31/xX) Common Stock Additional Paid In Capital - Common Stock Dividends Declared Treasury Stock 1,125 Retained Earnings 0 Sales Revenue 134,725 Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense 40 64,330 34,840 Bank Charges 15 1,780 160 400 5,750 1,200 15,500 Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 261,268 261,268 Project #14: Closing Activities 91 inally, the last transaction has occurred and the doors are closed for the year Sow, the accountant must complete the final steps in the accounting cycle equired: Reference the Financial Statements from Project No. 11 1. Record the closing entries to the Income Statement accounts to prepare the books for January a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using debits and credits. c. Show T-Accounts with beginning balances, transactions, and end balances Record the entry to close Dividends Declared a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two-line format using a debit and a credit. c. Show T-Accounts with beginning balances, transactions, and end balances Prepare a Post-Closing Trial Balance. 2. 3. CLOSED Closing Entries zero out all of the Income Statement and the Dividend account balances, pashing the differemce to Retained Earming on the Balance Sheet Cost of Goods Sold $50,000 50,000 BB BB 25,000 BB 500 CJE 50,000 25,000 CJE 5,000 CJE 00 CJE 0 EB EB Cost of Goods Wages Expense Utilities Expense 25,000 5,000 BB 1000 De C 1000 CJE EB 0 CoGS Utiliti 19.500 Retsined Eaing19,500 Ne Isome Plus: Net Income Less: Dividends Ending Retained Earnings 20,500 Note: Ending Retained Earnings is used (First Year) ts close income statcment empoesty accut 1.000 1,000 19,500 Net IncomeRetained Eanings 1.000 18,500 EB Diidend to close dividend acount After Closing Entries are completed, all income statement accounts have a zero balance. A Post Closing Trial Balance list Assets, Liabiline and Equity Accont Type Revenue and Expense Accounts Types can be listed, but with zero balances Note that Retained Earnings on on the Balance Sheet to make it "Balanco