Use the following partial listing of T accounts to complete 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until
Use the following partial listing of T accounts to complete
1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.
2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.
Closing Entries (Net Loss)
| Accum. Depr.—Delivery Equip | 185.1 | ||
|---|---|---|---|
| Bal. | 100 | ||
| Wages Payable | 219 | |||
|---|---|---|---|---|
| Bal. | 200 | |||
| Kylea Vasquez, Capital | 311 | |||
|---|---|---|---|---|
| Bal. | 4,000 | |||
| Kylea Vasquez, Drawing | 312 | ||
|---|---|---|---|
| Bal. | 850 | ||
| Income Summary | 313 | ||
|---|---|---|---|
| Delivery Fees | 401 | ||
|---|---|---|---|
| Bal. | 2,260 | ||
| Wages Expense | 511 | ||
|---|---|---|---|
| Bal. | 1,770 | ||
| Advertising Expense | 512 | ||
|---|---|---|---|
| Bal. | 80 | ||
| Rent Expense | 521 | ||
|---|---|---|---|
| Bal. | 430 | ||
| Supplies Expense | 523 | ||
|---|---|---|---|
| Bal. | 120 | ||
| Phone Expense | 525 | ||
|---|---|---|---|
| Bal. | 58 | ||
| Electricity Expense | 533 | ||
|---|---|---|---|
| Bal. | 44 | ||
| Insurance Expense | 535 | ||
|---|---|---|---|
| Bal. | 30 | ||
| Gas and Oil Expense | 538 | ||
|---|---|---|---|
| Bal. | 38 | ||
| Depr. Exp.— Del. Equip | 541 | ||
|---|---|---|---|
| Bal. | 100 | ||
| Miscellaneous Expense | 549 | ||
|---|---|---|---|
| Bal. | 33 | ||
Step by Step Solution
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Closing Entries Particulars Debit Credit 1 Delivery ...
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Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
