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The adjusted trial balance as of December 31, 2015, for Brooks Consulting Company contains the following selected accounts. Adjusted Account Balances Debit Credit Service Fees
The adjusted trial balance as of December 31, 2015, for Brooks Consulting Company contains the following selected accounts.
Adjusted Account Balances | ||
---|---|---|
Debit | Credit | |
Service Fees Earned | 16,060 | |
Rent Expense | 4,160 | |
Salaries Expense | 9,140 | |
Supplies Expense | 1,120 | |
Depreciation Expense | 2,040 | |
Retained Earnings | 13,400 |
(a) Prepare entries to close these accounts in journal entry form.
General Journal | ||||
---|---|---|---|---|
Description | Debit | Credit | ||
Dec. 31 | (1) | CashRetained EarningsService Fees EarnedIncome Expense | ||
Income ExpenseService Fees EarnedCashRetained Earnings | ||||
To close revenue account. | ||||
Dec. 31 | (2) | Income ExpenseCashRetained EarningsService Fees Earned | ||
Rent Expense | ||||
Salaries Expense | ||||
Supplies Expense | ||||
Depreciation Expense | ||||
To close the expense accounts. |
(b) Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, show the closing balance for each account.
Service Fees Earned | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(1) | Answer | Answer | |
Balance | Answer | Answer |
Rent Expense | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(2) | Answer | Answer | |
Balance | Answer | Answer |
Salaries Expense | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(2) | Answer | Answer | |
Balance | Answer | Answer |
Supplies Expense | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(2) | Answer | Answer | |
Balance | Answer | Answer |
Depreciation Expense | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(2) | Answer | Answer | |
Balance | Answer | Answer |
Retained Earnings | |||
---|---|---|---|
Beg. Balance | Answer | Answer | |
(1) | Answer | Answer | |
(2) | Answer | Answer | |
Balance | Answer | Answer |
Please answer all parts of the question.
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