ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward 1,400 General Expenses 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866
ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward 1,400 General Expenses 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![4G
Il 1:38 3.50
NA 100
KB/s
exercise 1
1.PREPARE THE closing entries
ACCOUNTT TITLE
DEBIT
CREDIT
account payable
60,000
Account receivable
65,000
Bank
38,000
Сapital
170,000
Cash
3,000
Comission paid
4,300
Comission received
1,500
Discount Allowed
2,300
Discount Received
3,500
Donations
500
Drawings
500
Fixture and Fittings
35,000
Freight inwards
1000
Freight outward
1,400
General Expenses
2300
Insurance premium
3,600
Interest received on investment
5,000
Land and building
80,000
Loan from Mbb
67,500
opening inventory 1 JAN 2019
26,000
Patent
50,000
Printing and stationery
700
Purchases
65,000
Rates and taxes
3,200
Rental paid
4,000
Rental revenue
3,000
Return inwards
1,500
Returns Outwars
1,800
Sales
88,000
Wages and salaries
12,000
Electricity bills
1,566
Accrued Electricity
1,566
Utility bills
500
Depreciation
7,000
Accumulated Depreciation
7,000
unearned Rental Revenue
1,000
Prepaid rental
1,500
Total
409866
409866
В
I U
A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1ee935a6-46c4-4f5c-a335-6e2655e8a647%2F226d88f6-be3d-4ded-bed7-b0c568ec3c59%2Fhlvkhm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4G
Il 1:38 3.50
NA 100
KB/s
exercise 1
1.PREPARE THE closing entries
ACCOUNTT TITLE
DEBIT
CREDIT
account payable
60,000
Account receivable
65,000
Bank
38,000
Сapital
170,000
Cash
3,000
Comission paid
4,300
Comission received
1,500
Discount Allowed
2,300
Discount Received
3,500
Donations
500
Drawings
500
Fixture and Fittings
35,000
Freight inwards
1000
Freight outward
1,400
General Expenses
2300
Insurance premium
3,600
Interest received on investment
5,000
Land and building
80,000
Loan from Mbb
67,500
opening inventory 1 JAN 2019
26,000
Patent
50,000
Printing and stationery
700
Purchases
65,000
Rates and taxes
3,200
Rental paid
4,000
Rental revenue
3,000
Return inwards
1,500
Returns Outwars
1,800
Sales
88,000
Wages and salaries
12,000
Electricity bills
1,566
Accrued Electricity
1,566
Utility bills
500
Depreciation
7,000
Accumulated Depreciation
7,000
unearned Rental Revenue
1,000
Prepaid rental
1,500
Total
409866
409866
В
I U
A
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