Question
The adjusted trial balance for Ivanhoe Company is given below. IVANHOE COMPANY Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr.
The adjusted trial balance for Ivanhoe Company is given below.
IVANHOE COMPANY Trial Balance August 31, 2022 | ||||||||
---|---|---|---|---|---|---|---|---|
Before Adjustment | After Adjustment | |||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash | $11,970 | $11,970 | ||||||
Accounts Receivable | 9,270 | 9,950 | ||||||
Supplies | 2,690 | 1,090 | ||||||
Prepaid Insurance | 4,470 | 3,050 | ||||||
Equipment | 16,000 | 16,000 | ||||||
Accumulated DepreciationEquipment | $3,600 | $4,800 | ||||||
Accounts Payable | 5,100 | 5,100 | ||||||
Salaries and Wages Payable | 0 | 1,810 | ||||||
Unearned Rent Revenue | 2,010 | 1,080 | ||||||
Common Stock | 18,750 | 18,750 | ||||||
Retained Earnings | 5,560 | 5,560 | ||||||
Dividends | 2,540 | 2,540 | ||||||
Service Revenue | 32,340 | 33,020 | ||||||
Rent Revenue | 12,420 | 13,350 | ||||||
Salaries and Wages Expense | 16,250 | 18,060 | ||||||
Supplies Expense | 0 | 1,600 | ||||||
Rent Expense | 16,590 | 16,590 | ||||||
Insurance Expense | 0 | 1,420 | ||||||
Depreciation Expense | 0 |
| 1,200 |
| ||||
$79,780 | $79,780 | $83,470 | $83,470 |
Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Aug. 31 | enter an account title to close revenue accounts | enter a debit amount | enter a credit amount |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount | |
enter an account title to close revenue accounts | enter a debit amount | enter a credit amount | |
(To close revenue accounts) | |||
Aug. 31 | enter an account title to close expense accounts | enter a debit amount | enter a credit amount |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
enter an account title to close expense accounts | enter a debit amount | enter a credit amount | |
(To close expense accounts) | |||
Aug. 31 | enter an account title to close income / (loss) | enter a debit amount | enter a credit amount |
enter an account title to close income / (loss) | enter a debit amount | enter a credit amount | |
(To close income / (loss)) | |||
Aug. 31 | enter an account title to close dividends | enter a debit amount | enter a credit amount |
enter an account title to close dividends | enter a debit amount | enter a credit amount | |
(To close dividends) |
List of Accounts
- Accounts Payable
- Accounts Receivable
- Accumulated Depreciation-Buildings
- Accumulated Depreciation-Equipment
- Advertising Expense
- Amortization Expense
- Buildings
- Cash
- Common Stock
- Depreciation Expense
- Dividends
- Equipment
- Income Summary
- Income Tax Expense
- Income Taxes Payable
- Insurance Expense
- Interest Expense
- Interest Payable
- Interest Receivable
- Interest Revenue
- Land
- Maintenance and Repairs Expense
- Mortgage Payable
- No Entry
- Notes Payable
- Prepaid Advertising
- Prepaid Cleaning
- Prepaid Insurance
- Prepaid Rent
- Property Tax Expense
- Property Taxes Payable
- Rent Expense
- Rent Revenue
- Retained Earnings
- Salaries and Wages Expense
- Salaries and Wages Payable
- Sales Revenue
- Service Revenue
- Supplies
- Supplies Expense
- Ticket Revenue
- Unearned Rent Revenue
- Unearned Sales Revenue
- Unearned Service Revenue
- Unearned Ticket Revenue
- Utilities Expense
- Website
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