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Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated January 31, 20--. Do not enter the posting

Use the following partial listing of T accounts to complete this exercise.

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.

Closing Entries (Net Loss)

Accum. Depr.Delivery Equip 185.1
Bal. 100

Wages Payable 219
Bal. 200

Saburo Goto, Capital 311
Bal. 4,000

Saburo Goto, Drawing 312
Bal. 830

Income Summary 313

Delivery Fees 401
Bal. 2,210

Wages Expense 511
Bal. 1,780

Advertising Expense 512
Bal. 80

Rent Expense 521
Bal. 580

Supplies Expense 523
Bal. 120

Phone Expense 525
Bal. 58

Electricity Expense 533
Bal. 44

Insurance Expense 535
Bal. 30

Gas and Oil Expense 538
Bal. 38

Depr. Exp. Del. Equip 541
Bal. 100

Miscellaneous Expense 549
Bal. 33

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.

Page: 1
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 20-- Jan. 31 1
2 2
3 3
4 Jan. 31 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 Jan. 31 16
17 17
18 18
19 Jan. 31 19
20 20
21

21

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.

Accum. Depr.Delivery Equip 185.1
Bal. 100

Wages Payable 219
Bal. 200

Saburo Goto, Capital 311
Closing Bal. 4,000
Closing
Bal.

Saburo Goto, Drawing 312
Bal. 830 Closing

Income Summary 313
Closing Closing
Closing

Delivery Fees 401
Closing Bal. 2,210

Wages Expense 511
Bal. 1,780 Closing

Advertising Expense 512
Bal. 80 Closing

Rent Expense 521
Bal. 580 Closing

Supplies Expense 523
Bal. 120 Closing

Phone Expense 525
Bal. 58 Closing

Electricity Expense 533
Bal. 44 Closing

Insurance Expense 535
Bal. 30 Closing

Gas and Oil Expense 538
Bal. 38 Closing

Depr. Exp.Delivery Equip. 541
Bal. 100 Closing

Miscellaneous Expense 549
Bal. 33 Closing

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