Question
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.
| 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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Audit Studies Behind The Scenes With Theory Method And Nuance
Authors: S. Michael Gaddis
1st Edition
3030100200, 978-3030100209
