Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.)

(3) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 32,250 31 CR1 67,796 100,046 31 CP1 60,509 39,537 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 12,500 31 S1 21,600 34,100 31 CR1 10,300 23,800 9 G1 300 23,500 Notes Receivable No. 115 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 39,000 Debit Credit 62,900 12,960 Ref. P1 S1 CR1 CP1 CP1 G1 G1 34,560 245 No. 120 Balance 15,000 77.900 64,940 30.380 30,625 29,889 30,069 29,769 No. 125 Balance 1,500 2,400 736 Inventory Date Explanation Jan. 1 Balance 31 31 31 8 31 9 18 Supplies Date Explanation Jan. 1 Balance 31 Adj. entry 31 Adj. entry Prepaid Insurance Date Explanation Jan. 1 Balance 9 180 300 Debit Credit Ref. CP1 900 Gi Debit Credit Ref. No. 130 Balance 1,800 31 Adj. entry G1 Equipment Date Explanation Jan. 1 Balance Ref. Debit Credit No. 157 Balance 6,900 Accumulated Depreciation Equipment Date Explanation Jan. 1 Balance Debit Credit Ref. No. 158 Balance 1,600 31 Adj. entry G1 Debit Ref. G1 Credit 16,000 Notes Payable Date Explanation Jan. 21 Accounts Payable Date Explanation Jan. 1 Balance 31 Debit Credit Ref. P1 No. 200 Balance 16.000 No. 201 Balance 37,000 99.900 49,600 49,300 33,300 No. 230 Balance 62,900 CP1 G1 50,300 300 16,000 G1 31 18 21 Interest Payable Date Explanation Jan. 31 Adj. entry Ref. Debit Credit G1 Owner's Capital Date Explanation Jan. 1 Balance Ref. Debit Credit No. 301 Balance 70,350 V 31 Clos. entry G1 Debit Credit 31 Clos. entry Owner's Drawings Date Explanation Jan 15 31 Clos. entry Income Summary Date Explanation Ref. CP1 No. 306 Balance 800 800 G1 No. 350 Balance Ref. Debit Credit Jan. 31 Clos, entry G1 31 Clos. entry G1 31 Clos. entry G1 Debit Sales Revenue Date Explanation Jan. 31 31 Ref. 51 CR1 Credit 21,600 57,600 No, 401 Balance 21,600 79,200 31 Clos. entry G1 Sales Returns and Allowances Date Explanation Jan. 9 Debit Credit Ref. G1 No. 412 Balance 300 300 31 Clos, entry G1 Debit Credit Ref. CR1 No. 414 Balance 104 104 G1 Sales Discounts Date Explanation Jan. 31 31 Clos. entry Cost of Goods Sold Date Explanation Jan. 31 31 9 9 Ref. Credit 51 Debit 12.960 34,560 No. 505 Balance 12,960 47,520 47,340 CR1 G1 180 31 Clos, entry G1 Salaries and Wages Expense Date Explanation Jan. 31 Credit Ref. CP1 Debit 7,600 No. 627 Balance 7,600 31 Clos. entry G1 Depreciation Expense Date Explanation Jan. 31 Adj. entry No. 711 Balance Ref. Debit Credit G1 31 Clos, entry G1 Interest Expense Date Explanation Jan. 31 No. 718 Balance Debit Credit Ref. G1 50 50 31 Clos entry G1 Insurance Expense Explanation Jan. 31 Ref. Debit Credit No. 722 Balance 180 G1 180 31 Clos entry G1 No. 728 Balance Ref. Debit Credit Supplies Expense Date Explanation Jan. 31 Adj. entry G1 31 Clos. entry G1 Rent Expense Date Jan. 12 Explanation Debit Credit Ref. CP1 No. 729 Balance 1,400 1,400 31 Clos. entry G1 (3) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 32,250 31 CR1 67,796 100,046 31 CP1 60,509 39,537 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 12,500 31 S1 21,600 34,100 31 CR1 10,300 23,800 9 G1 300 23,500 Notes Receivable No. 115 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 39,000 Debit Credit 62,900 12,960 Ref. P1 S1 CR1 CP1 CP1 G1 G1 34,560 245 No. 120 Balance 15,000 77.900 64,940 30.380 30,625 29,889 30,069 29,769 No. 125 Balance 1,500 2,400 736 Inventory Date Explanation Jan. 1 Balance 31 31 31 8 31 9 18 Supplies Date Explanation Jan. 1 Balance 31 Adj. entry 31 Adj. entry Prepaid Insurance Date Explanation Jan. 1 Balance 9 180 300 Debit Credit Ref. CP1 900 Gi Debit Credit Ref. No. 130 Balance 1,800 31 Adj. entry G1 Equipment Date Explanation Jan. 1 Balance Ref. Debit Credit No. 157 Balance 6,900 Accumulated Depreciation Equipment Date Explanation Jan. 1 Balance Debit Credit Ref. No. 158 Balance 1,600 31 Adj. entry G1 Debit Ref. G1 Credit 16,000 Notes Payable Date Explanation Jan. 21 Accounts Payable Date Explanation Jan. 1 Balance 31 Debit Credit Ref. P1 No. 200 Balance 16.000 No. 201 Balance 37,000 99.900 49,600 49,300 33,300 No. 230 Balance 62,900 CP1 G1 50,300 300 16,000 G1 31 18 21 Interest Payable Date Explanation Jan. 31 Adj. entry Ref. Debit Credit G1 Owner's Capital Date Explanation Jan. 1 Balance Ref. Debit Credit No. 301 Balance 70,350 V 31 Clos. entry G1 Debit Credit 31 Clos. entry Owner's Drawings Date Explanation Jan 15 31 Clos. entry Income Summary Date Explanation Ref. CP1 No. 306 Balance 800 800 G1 No. 350 Balance Ref. Debit Credit Jan. 31 Clos, entry G1 31 Clos. entry G1 31 Clos. entry G1 Debit Sales Revenue Date Explanation Jan. 31 31 Ref. 51 CR1 Credit 21,600 57,600 No, 401 Balance 21,600 79,200 31 Clos. entry G1 Sales Returns and Allowances Date Explanation Jan. 9 Debit Credit Ref. G1 No. 412 Balance 300 300 31 Clos, entry G1 Debit Credit Ref. CR1 No. 414 Balance 104 104 G1 Sales Discounts Date Explanation Jan. 31 31 Clos. entry Cost of Goods Sold Date Explanation Jan. 31 31 9 9 Ref. Credit 51 Debit 12.960 34,560 No. 505 Balance 12,960 47,520 47,340 CR1 G1 180 31 Clos, entry G1 Salaries and Wages Expense Date Explanation Jan. 31 Credit Ref. CP1 Debit 7,600 No. 627 Balance 7,600 31 Clos. entry G1 Depreciation Expense Date Explanation Jan. 31 Adj. entry No. 711 Balance Ref. Debit Credit G1 31 Clos, entry G1 Interest Expense Date Explanation Jan. 31 No. 718 Balance Debit Credit Ref. G1 50 50 31 Clos entry G1 Insurance Expense Explanation Jan. 31 Ref. Debit Credit No. 722 Balance 180 G1 180 31 Clos entry G1 No. 728 Balance Ref. Debit Credit Supplies Expense Date Explanation Jan. 31 Adj. entry G1 31 Clos. entry G1 Rent Expense Date Jan. 12 Explanation Debit Credit Ref. CP1 No. 729 Balance 1,400 1,400 31 Clos. entry G1