PROBLEM 6-7A Megaf's Repairs Work Sheet For Month Ended January 31, 20 ACCOUNT TITLE GRE 3600 114500 20 000 900.00 320 000 100 1 000 20 000 TO 0120 000 50 120 000 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid ingrance 5 Delivery Equipment 6 Accur. Depr.-Delivery Equipment 7 Accounts Payable 8 Wages Payable 2 Don Megaffin Capital 10 Don Megat, Dewing 11 Repair Fees 12 Wages Expense 13 Advertising Experts 14 Rent Expense 15 Supplies Dispense 16 Phone Expense 17 Insurance Expense 18 Gas and Ol Expense 19 Depr. Expense-Delivery Equipment 20 Miscellaneous Expense 21 22 Net Income 23 24 25 26 300 000 100 000 470000 1175 000 20.000 64 000 40 000 RE 316 7100 1 11 E500 C000 3 CY00 32.00 5500 5506 120 000 115001 40000 40000 C0008 B000 00005 110000 116 10 4110000 A7000 11 215000 215000 12 20 000 20000 13 64000 64000 14 30 000 30 000 35 5 000 50.00 15 23000 23 000 17 20.000 20 000 18 5500 55.00 19 3.700 3700 20 95001423300455 00 38620047 00 00 103.00 655.00 21 8 3800 8380022 47000 470000 10 4300104230023 24 30 000 5 000 23000 20 000 5500 3700 13 90000 1390 000 98500 15 SAE 207 CHAPTER 6 Applying Your Knowledge ce total CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to the work sheet in Problem 6-7A for Megaffin's Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of January 31, 20- A chart of accounts is pro- vided below. Repair Fees 141 Megaffin's Repairs Chart of Accounts Assets Revenues 101 Cash 401 122 Accounts Receivable Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 185 Delivery Equipment 512 Advertising Expense 185.1 Accum. Depr.-Delivery Equip. 521 Rent Expense 523 Supplies Expense Liabilities 525 Phone Expense 202 Accounts Payable 535 Insurance Expense Wages Payable 538 Gas and Oil Expense 541 Depr. Exp.-Delivery Equip. Owner's Equity 549 Miscellaneous Expense 311 Don Megaffin, Capital 312 Don Megaffin, Drawing 313 Income Summary 219 REQUIRED 1. Journalize (page 10) and post the adjusting entries. 2. Journalize (page 11) and post the closing entries. 3. Prepare a post-closing trial balance. IT or YTR'S TOUITY Thononite