Project 24: Closing Activities Finally, the last transaction has occurred Now, the accountant must want must complete the final steps in the accounting e doors are closed for the year. in the accounting cycle. Required: ccounts to prepare the books for January Reference the Financial Statements from Project No. 11 1. Record the closing entries to the Income Statement accounts to a. Show the balancing effects on the accounting equation b. Record the adjusting journal entry in two C. Show T-Accounts with beginning balances, transactions, and 2. Record the entry to close Dividends Declared. a. Show the balancing effects on the accounting equation ecord the adjusting journal entry in two-line format using a debit and "Accounts with beginning balances, transactions, and end balances. 3. Prepare a Post-Closing Trial Balance. justing journal entry in two-line format using debits and creates sinning balances, transactions, and end balances. 90 Project Closing Activities Credits Debits 56,996 9,512 1,260 UUUUUUUUUUUUUUUUUUU 20,390 650 320 30,550 12,250 1,780 62,128 400 275 Fido's Food Mart Adjusted Trial Balance Desember 31, 20XX Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Prepaid Insurance Equipment Vehicle Accumulated Depreciation - Equipment and Vehicle 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 Retained Earnings Sales Revenue Less: Sales Discount Cost of Goods Sold Operating Expenses Bad Debt Expense Bank Charges Depreciation Expense Insurance Expense Interest Expense Rent Expense Supplies Expense Wages Expense Totals 2,200 12,000 46,200 300 2,200 1,125 134,725 40 64,330 34,840 3,260 1,780 160 400 5,750 1,200 15,500 261,268 261,268