Account Type Cash Accounts Receivable Prepaid Insurance Supplies Land Building Furniture Equipment Accumulated Depreciation - Building Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accounts Payable Salaries Payable Interest Payable Unearned Commissions Revenue Unearned Subscriptions Revenue Bank Loan Share Capital Retained Earnings Income Summary Commissions Earned Subscriptions Revenue Advertising Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Furniture Insurance Expense Interest Expense Salaries Expense Supplies Expense Utilities Expense Totals Debits $15,000 3,100 2,500 20,000 75,000 5,000 20,000 4,300 -0- -0- -0- 1,800 2,365 33,475 15,800 2,860 $205,500 Credits $-0- -0- -0- 4,400 -0- -0- 1,200 800 57,600 66,600 -0- -0- 37,900 32,700 $205,500 Commissions Subscriptions Total Revenue EXPENSES Advertising Depreciation - Building Depreciation - Furniture Depreciation - Equipment Insurance Interest Salaries Supplies Utilities Total Expenses Net Income ASSETS Cash Luna Corporation Balance Sheet on August 31, 2023 Accounts Receivable Prepaid Insurance Supplies Land Buildings, net Furniture, net Equipment, net Total Assets LIABILITIES Accounts Payable Interest Payable Salaries Payable Unearned Commissions Revenue Unearned Subscriptions Bank Loan-Long Term Total Liabilities EQUITY Share Capital Retained Earnings Total Equity Total Liabilities and Equity $38,650 $34,700 $4,300 $1,500 $500 $1,000 $1,800 $2,615 $33,800 $16,150 $2,860 $15,000 $3,100 $2,150 $20,000 $73,500 $4,500 $19,000 $4,400 $325 $250 $450 ($1,200) $57,600 $66,600 $8,825 $73,350 $64,525 $8,825 $137,250 $61,825 $75,425 $137,250 Opening Balance Shares Issued Net Income Ending Balance $0 66,600 0 $66,600 $0 0 8,825 $8,825 $0 66,600 8,825 $75,425

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

Related questions

Question

Prepare the closing entries

Account	Debit	Credit
Cash	15,000
Accounts Receivable	3,100
Prepaid Insurance
Supplies	2,150
Land	20,000
Building	75,000
Furniture	5,000
Equipment	20,000
Accumulated Depreciation - Building		1,500
Accumulated Depreciation - Furniture		500
Accumulated Depreciation - Equipment		1,000
Accounts Payable		4,400
Interest Payable		325
Salaries Payable		250
Unearned Commission Revenue		450
Unearned Subscription Revenue	1,200
Bank Loan - Long Term		57,600
Share Capital		66,600
Commissions Earned		38,650
Subscription Revenue		34,700
Advertising Expense	4,300
Depreciation Expense - Building	1,500
Depreciation Expense - Furniture	500
Depreciation Expense - Equipment	1,000
Insurance Expense	1,800
Interest Expense	2,615
Salaries Expense	33,800
Supplies Expense	16,150
Utilities Expense	2,860
Totals	205,975	205,975