Question
Print Item Question Content Area Comprehensive Problem 1 Part 9: The following is a comprehensive problem which encompasses all of the elements learned in previous
Print Item
Question Content Area
Comprehensive Problem 1 Part 9:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.
Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.
Date | Account Name | Post. Ref. | Debit | Credit |
---|---|---|---|---|
20Y8 | Closing Entries | |||
May 31 | DividendsFees EarnedInsurance ExpenseMiscellaneous ExpenseRetained Earnings | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 |
DividendsFees EarnedRetained EarningsSalaries PayableSalary Expense | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | |
Accounts PayableCashPrepaid RentRent ExpenseUnearned Fees | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |
Accounts ReceivableDividendsRetained EarningsSuppliesSupplies Expense | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | |
Accumulated DepreciationDepreciation ExpenseDividendsOffice EquipmentRent Payable | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |
Accounts PayableCashFees EarnedInsurance ExpensePrepaid Insurance | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |
Accounts ReceivableDividendsFees EarnedMiscellaneous ExpenseRetained Earnings | fill in the blank 26 | fill in the blank 27 | fill in the blank 28 | |
Accounts PayableAccounts ReceivableCashFees EarnedRetained Earnings | fill in the blank 30 | fill in the blank 31 | fill in the blank 32 | |
May 31 | CashDepreciation ExpenseDividendsMiscellaneous ExpenseRetained Earnings | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 |
CashDepreciation ExpenseDividendsMiscellaneous ExpenseRetained Earnings | fill in the blank 38 | fill in the blank 39 | fill in the blank 40 |
Feedback Area
Feedback
In preparing closing entries, recall that (1) revenue accounts are debited for their balances and expense accounts are credited for their balances. The difference between the revenue and expenses is either credited (revenues exceed expenses) or debited (expenses exceed revenues) to the retained earnings account, and (2) the retained earnings account is debited for the balance of the dividends account.
Check My Work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started