Unit 4

1 Closing Problem The ledger accounts of E-Resources appear as follows on March 31, 2 2018: 3 4 9 All accounts have normal balances. Journalize and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you. 5 1. Journal the closing entries 6 2. Post the closing entries to the GL accounts 7 Include revenue, expenses and draw 8 3. Prepare a post closing trial balance 9 10 TRIAL BALANCE Adjusted Trail Balance 11 DR CR 12 Cash 80,000 13 accounts rec 58,820 14 Supplies 10,600 15 Ppd Insurance 25,000 16 Equipment 118,000 17 Accum Drp Equip 41,320 on Accum Drp Equip Accounts Payable Capital Draw Fee income 41,320 13,000 130,000 13,000 374,460 Depr expense eq Salary expense Insurance expense Rent expense Supply expense Telephone expense utilities expense Totals 21,160 166,000 11,400 33,000 5,600 6,800 9,400 558,780 558,780 Account title Debit Credit 0 1 1 2 3 2. 2 5 -6 18 39 50 51 52 53 3 54 55 56 4 Enter the beginning balances from the trail balance into the General Ledger Post the Closing Entries to the General Ledger 0 General Ledger Cash Ref Debit Credit -2 53 Balance 80,000 54 55 56 167 68 69 accounts receivable Ref Debit Credit Balance 58,820 72 73 74 75 Equipment Ref Debit Credit Balance 118,000 - - Accum Depr EQ Ref Debit Credit Balance 41,320 Supplies Ref Debit Credit Balance 10,600 PPd Insurance Ref Debit Credit Balance 25,000 Accounts Payable Ref Debit Credit Balance 13,000 Capital Ref Debit Credit Balance 130,000 Drawing Ref Debit Credit Balance 13,000 Fee Income Ref Debit Credit Balance 374,460 Rent Expense Ref Debit Credit Balance 33,000 Salary Expense Ref Debit Credit Balance 166,000 Telephone Expense Ref Debit Credit Balance 6,800 Utilties Expense Ref Debit Credit Balance 9,400 A D E B C Depreciation expense Ref Debit Credit Balance 21,160 Insurance Expense Ref Debit Credit Balance 11,400 Supplies Expense Debit Ref Credit Balance 5,600 Closing Drohlom Income Summary Ref Debit Credit Balance 56 38 89 90 192 19: 194 195 196 197 198 199 200 201 Prepare the Post Closing Trial Balance 202 A B Prepare the Post Closing Trial Balance 02 0: E Resources Post Closing Trial balance 20! March 31, 2017 200 Accounts Debit Credit 207 208 209 210 21 212 21: 214 215 216 21 218 219 220 Closing Problem B D E Totals