Requirement #8: Prepare the closing entries at October 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. (SHOULD TOTAL 5,112)

Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed.

Adjusted Trial Balance:

Account

Balance

Title

Debit

Credit

Cash

10,718

Common Stock

12,000

Insurance

100

Store Rent

1,040

Equipment

4,400

Notes Payable

3,600

Repair Supplies

194

Accounts Payable

390

Utility Expense

154

Bicycle Repair Revenue

2,712

Dividen

800

Accumulated Depreciation

70

Depreciation Expense

70

Supplies Expense

196

Prepaid Insurance

1,100

Tax Expense

40

Tax Payable

40

T ACCOUNTS:

Cash (111)			Bicycle Repair Revenue (411)
Common Stock 12,000	Insurance Expense 12,000		To TRF to P/L Acct. 2,712	By Cash 1,362
Bicycle Repair Revenue 1,362	Store Rent Expense 1,040			By Cash 1,350
Bicycle Repair Revenue 1,350	Equipment 600
	Utility Expense 154
	Dep-Expense Repair Equipment 200
	Dividends 800
	By Cash C/D 10,718
TOTAL: 14,712	TOTAL: 14,712		TOTAL: 2,712	TOTAL: 2,712
Prepaid Insurance (117)			Store Rent Expense (511)
Insurance Expense 100	Insurance Expense 100		To Cash 1,040	By Balance TRF to P/L Acct. 1,040
Balance 10/31: 100	Balance 10/31: 100		TOTAL: 1,040	TOTAL: 1,040
Repair Supplies (119)			Utility Expense (512)
			To Cash 154	By Balance TRF to P/L Acct. 154
			TOTAL: 154	TOTAL: 154
Repair Equipment (144)			Insurance Expense (513)
			To Cash 1,200	By Balance TRF to P/L Acct. 1,200
			To Cash 100	Pre Paid Insurance 100
			TOTAL: 1,200	TOTAL: 1,200
			BALANCE 10/31: 1,100	BALANCE 10/31: 1,100
Accum. Depr.-Repair Equipment (145)			Repair Supplies Expense (514)
To TRFD to Balance Sheet 70	Depreciation Exp. 70			Repair Supplies 196
BALANCE 10/31: 70	BALANCE 10/31: 70		BALANCE 10/31: 196	BALANCE 10/31: 196
Accounts Payable (212)			Depr. Exp.-Repair Equipment (515)
To TRFD to Balance Sheet 4,190	By Repair Supplies 390		To Cash 200	By TRF to P/L Acct. 200
	By Equipment 4,190		Accumulated Depr. 70	Depreciation Exp. 70
			TOTAL: 200	TOTAL: 200
TOTAL: 4,190	TOTAL: 4,190		BALANCE 10/31: 270	BALANCE 10/31: 270
Income Taxes Payable (213)			Income Taxes Expense (516)
Tax Payable 40	Tax Expence 40		Tax Payable 40	Tax Expence 40
			BALANCE 10/31: 40	BALANCE 10/31: 40
BALANCE 10/31: 40	BALANCE 10/31: 40
Common Stock (311)
Balance C/D 12,000	By Cash 12,000
Total: 12,000	TOTAL: 12,000
Retained Earnings (312)
Dividends (313)
To Cash: 800	By TRF to Retained Earnings Acct. 800
TOTAL: 800	TOTAL: 800