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Thank you in advance :) PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate
Thank you in advance :)
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31 Retained Earnings 3,800 Dividends 3,800 Retained Earnings Account No. 315 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 J1 J1 Adjusting Entry Beginning Balance Entry Close Dividends Close Expenses Close Revenues J1 Dividends Account No. 320 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 30 Paid cash dividends J1 3,800 J1 Service Revenue Account No. 410 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 12 Performed services for cash J1 2,800 Dec. 15 Performed services on account J1 3,800 Dec. 20 Performed services for cash J1 18,300 Dec. 28 Performed services on account J1 700 Dec. 31 Adjusting Entry J1 500 Dec. 31 Adjusting Entry J1 800 J1 Depreciation Expense - Furniture Account No. 510 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 100 J1 Insurance Expense Account No. 520 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 275 J1 Rent Expense Account No. 540 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 28 Paid December Rent J1 1,500 J1 Salaries Expense Account No. 545 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec.18 Paid Salaries J1 3,200 Dec. 31 Adjusting Entry J1 3,600 J1 Supplies Expense Account No. 550 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 130 J1 Utilities Expense Account No. 555 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 27 Paid utility bill on account J1 380 J1Step by Step Solution
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