Question
Requirement 5. Journalize and post the closing entries at December 31. Denote each closing amount as Clo. and an account balance as Bal. Begin by
Requirement 5. Journalize and post the closing entries at
December
31.
Denote each closing amount as Clo. and an account balance as
Bal.
Begin by journalizing the closing entries at
December
31.
(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Start by closing revenues.
Review the Income Statement columns of the worksheet completed in Requirement 1.
LOADING...
| Date | Accounts and Explanation | Debit | Credit | ||
| Dec. 31 |
|
|
| ||
| Clo. (1) |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Close expenses for the period.
Review the Income Statement columns of the worksheet completed in Requirement 1.
LOADING...
| Date | Accounts and Explanation | Debit | Credit | ||
| Dec. 31 |
|
|
| ||
| Clo. (2) |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Close Income Summary.
Review the Income Statement columns of the worksheet completed in Requirement 1
LOADING...
.
| Date | Accounts and Explanation | Debit | Credit | ||
| Dec. 31 |
|
|
| ||
| Clo. (3) |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Close withdrawals.
Review the Balance Sheet columns of the worksheet completed in Requirement 1.
LOADING...
| Date | Accounts and Explanation | Debit | Credit | ||
| Dec. 31 |
|
|
| ||
| Clo. (4) |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dunst Consulting
Worksheet (Partial)
December 31, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$28,200
28200
Accounts Receivable
2,300
2300
Office Supplies
200
200
Equipment
1,650
1650
Accum. Depr.Equip.
$20
20
Furniture
4,000
4000
Accum. Depr.Furn.
50
50
Accounts Payable
4,400
4400
Unearned Revenue
2,300
2300
Salaries Payable
750
750
Dunst, Capital
27,000
27000
Dunst, Withdrawals
1,200
1200
Service Revenue
5,950
5950
Rent Expense
1,200
1200
Utilities Expense
400
400
Supplies Expense
500
500
Salaries Expense
750
750
Depr. ExpenseEquip.
20
20
Depr. ExpenseFurn.
50
50
$40,470
$40,470
2920
5950
37550
34520
Net income or loss
3030
3030
5950
5950
37550
37550
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
Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
11th Edition
0072834943, 9780072834949
