1. Services performed but unbilled and uncollected at March 31 was $210. 2. Depreciation on equipment for the month was $260. 3. One-sixth of the insurance expired. 4. An inventory count shows $290 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,120. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

(h) Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Services performed but unbilled and uncollected at March 31 was $210. Depreciation on equipment for the month was $260. One - sixth of the insurance expired. An inventory count shows $290 of cleaning supplies on hand at March 31. Accrued but unpaid employee salaries were $1, 120. One month of the prepaid rent has expired. One month of interest expense related to the note payable has accrued and will be paid April
1.

1.
Services performed but unbilled and uncollected at March 31 was $210.
2.
Depreciation on equipment for the month was $260.
3.
One-sixth of the insurance expired.
4.
An inventory count shows $290 of cleaning supplies on hand at March 31.
5.
Accrued but unpaid employee salaries were $1,120.
6.
One month of the prepaid rent has expired.
7.
One month of interest expense related to the note payable has accrued and will be paid April 1.
Transcribed Image Text:1. Services performed but unbilled and uncollected at March 31 was $210. 2. Depreciation on equipment for the month was $260. 3. One-sixth of the insurance expired. 4. An inventory count shows $290 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,120. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education