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balance Use the closing entry numbers as posting références to post each closing entry to the relevant accounts, then compute the ending balance of each account. Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal" and enter "0" on the normal balance side of the 1-account) Review the closing entries you prepared above. Cash 1.734,900 0 Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal 01.734,000 End Bal Supplies 250,000 0 0 Equipment 360,000 0 0 1.275.000 Accounts Payable O Closing entry 2 Closing entry 3 250,000 End Bal 280.000 Closing entry 2 O Closing entry 3 Wages Payable 0 0 360.000 End Bal Closing entry 2 Closing entry 3 1,275,000 Adj. Bal 0 Closing entry 3 End Bal 280,000 Adj Bal O Closing entry End Bal Adj. Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Closing entry 1 Closing entry 2 End Bal Accumulated Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal Closing entry || End Bal Adj. Bal. Closing entry 1 End. Bal. Accounts Receivable 778.000 0 Closing entry 1 Prepaid Insurance 130,000 0 D 28.000 778.000 End Bal Depreciation-Equipment 28,000 Adj. Bal 39.600 UU O Closing entry 2 O Closing entry 3 130.000 End Bal Deferred Service Revenue 0 Interest Payable 0 0 60.000 O Closing entry 2 0 Closing entry 3 Supplies Expense 215,000 0 0 0 Closing entry 3 O End Bal Income Summary 39,600 Adj Bal O Closing entry 3 0 End Bal 60,000 Adj Bal Closing entry 40.000 End. Bal O Closing entry 3 0End Bal O Closing entry 2 Closing entry 3 215,000 End. Bal. CETT Closing entry L End Bal Closing entry 1 Closing entry 2 End Bal Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal Ad Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Ad Bal Closing entry 1 Ford Ral Up 0 0 320.000 40,000 0 0 Retained Earnings 12.000 50.300 320,000 Adj Bal Service Revenue 0 2.160,000 Depreciation Expense-Equipment 0 Ad Bal 62.300 Closing entry 3 End Bal 02.160,000 Adj Bal Utilities Expense 89.200 0 Administrative Expense 182.000 0 0 Closing entry 3 0End Bal Interest Expense 40.000 00 40,000 End. Bal. 0 Closing entry 2 O Closing entry 3 89.200 End. Bal UClosing entry 3 121,000 End. Bal Closing entry 3 End Bal 182.000 End Bal O Closing entry 2 Closing entry 3 Closing entry 2 Closing entry 3 40 MlFnd Ral Closing entry 10 Closing entry 2 End Bal Requirement b. Prepare a post-closing trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the T-arcnunts completed in Remiremant a Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Ad Bal Closing entry 1 End Bal Closing entry 2 Ad Bal Closing entry 3 Closing entry 1 Fod Ral Adj Bal Closing entry 1 End Bal 0 1.200,000 Dividends 12.000 0 1.200.000 Ad Bal Wage Expense 1,276.000 0 Selling Expense 72.500 0 12.000 End Bal 0 01276.000 Repairs Expense 62.000 0 n O Closing entry 3 0End Bal O Closing entry 2 O Closing entry 3 Insurance Expense 121.000 O Closing entry 2 Closing entry 3 End Bal 72.500 End Bal O Closing entry 2 Closing entry 3 O Closing entry 2 Closing entry 3 62.000 End Bal O Closing entry 2 O Closing entry 3 121 Malind Ral

balance Use the closing entry numbers as posting références to post each closing entry to the relevant accounts, then compute the ending balance of each account. Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal" and enter "0" on the normal balance side of the 1-account) Review the closing entries you prepared above. Cash 1.734,900 0 Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal 01.734,000 End Bal Supplies 250,000 0 0 Equipment 360,000 0 0 1.275.000 Accounts Payable O Closing entry 2 Closing entry 3 250,000 End Bal 280.000 Closing entry 2 O Closing entry 3 Wages Payable 0 0 360.000 End Bal Closing entry 2 Closing entry 3 1,275,000 Adj. Bal 0 Closing entry 3 End Bal 280,000 Adj Bal O Closing entry End Bal Adj. Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Closing entry 1 Closing entry 2 End Bal Accumulated Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal Closing entry || End Bal Adj. Bal. Closing entry 1 End. Bal. Accounts Receivable 778.000 0 Closing entry 1 Prepaid Insurance 130,000 0 D 28.000 778.000 End Bal Depreciation-Equipment 28,000 Adj. Bal 39.600 UU O Closing entry 2 O Closing entry 3 130.000 End Bal Deferred Service Revenue 0 Interest Payable 0 0 60.000 O Closing entry 2 0 Closing entry 3 Supplies Expense 215,000 0 0 0 Closing entry 3 O End Bal Income Summary 39,600 Adj Bal O Closing entry 3 0 End Bal 60,000 Adj Bal Closing entry 40.000 End. Bal O Closing entry 3 0End Bal O Closing entry 2 Closing entry 3 215,000 End. Bal. CETT Closing entry L End Bal Closing entry 1 Closing entry 2 End Bal Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End Bal Closing entry 1 Closing entry 2 End Bal Ad Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Ad Bal Closing entry 1 Ford Ral Up 0 0 320.000 40,000 0 0 Retained Earnings 12.000 50.300 320,000 Adj Bal Service Revenue 0 2.160,000 Depreciation Expense-Equipment 0 Ad Bal 62.300 Closing entry 3 End Bal 02.160,000 Adj Bal Utilities Expense 89.200 0 Administrative Expense 182.000 0 0 Closing entry 3 0End Bal Interest Expense 40.000 00 40,000 End. Bal. 0 Closing entry 2 O Closing entry 3 89.200 End. Bal UClosing entry 3 121,000 End. Bal Closing entry 3 End Bal 182.000 End Bal O Closing entry 2 Closing entry 3 Closing entry 2 Closing entry 3 40 MlFnd Ral Closing entry 10 Closing entry 2 End Bal Requirement b. Prepare a post-closing trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the T-arcnunts completed in Remiremant a Adj Bal Closing entry 1 End Bal Adj Bal Closing entry 1 End Bal Ad Bal Closing entry 1 End Bal Closing entry 2 Ad Bal Closing entry 3 Closing entry 1 Fod Ral Adj Bal Closing entry 1 End Bal 0 1.200,000 Dividends 12.000 0 1.200.000 Ad Bal Wage Expense 1,276.000 0 Selling Expense 72.500 0 12.000 End Bal 0 01276.000 Repairs Expense 62.000 0 n O Closing entry 3 0End Bal O Closing entry 2 O Closing entry 3 Insurance Expense 121.000 O Closing entry 2 Closing entry 3 End Bal 72.500 End Bal O Closing entry 2 Closing entry 3 O Closing entry 2 Closing entry 3 62.000 End Bal O Closing entry 2 O Closing entry 3 121 Malind Ral

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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balance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Accumulated Closing entry 1 Closing entry 2 End. Bal Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 JI End. Bal. Adj. Bal. Closing entry 1 End. Bal. Accounts Receivable 778,000 Closing entry 1 Prepaid Insurance 130,000 0 0 0 0 28,000 0 0 0 39,600 0 0 778,000 End. Bal. Depreciation-Equipment 28,000 Adj. Bal. 60.000 Deferred Service Revenue 0 0 Interest Payable 0 0 0 Closing entry 2 0 Closing entry 3 130.000 End. Bal. 0 Closing entry 2 0 Closing entry 3 Supplies Expense 215,000 0 Closing entry 3 0 End. Bal. Income Summary 39,600 Adj. Bal. 0 Closing entry 3 0 End. Bal. 60,000 Adj. Bal. Closing entry 3 | 40,000 End. Bal. 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 215,000 End. Bal. SIXTE Closing entry 1|L End. Bal. Depreciation Adj. Bal. Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Adj. Bal Closing entry 1 End Bal Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry 1 End Ral U 40,000 0 0 0 0 320,000 Retained Earnings 0 12,000 50.300 320,000 Adj. Bal Service Revenue 2,160,000 Expense-Equipment 0 Adj. Bal 62,300 Closing entry 3 0 End. Bal. 01 2,160,000 Adj Bal. 0 Utilities Expense 89,200 0 0 0 Closing entry 3 0 End. Bal. Interest Expense 40.000 Administrative Expense 182,000 0 0 40,000 End. Bal. 89,200 End. Bal. UClosing entry 31 121,000 End. Bal. 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 Closing entry 2 0 Closing entry 3 182,000 End. Bal. 0 Closing entry 2 00 Closing entry 3 all 40 000 Fnd Ral 0 Closing entry 2 0 Closing entry 3 Requirement b. Prepare a post-closing trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the T-accounts completed in Requirement a Closing entry 1 Closing entry 2 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 Fnd Ral 0 0 1,200,000 1,200,000 Adj. Bal. Dividends 12,000 0 0 Wage Expense 1,276,000 0 12,000 End. Bal. Selling Expense 72,500 0 0 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 1,276,000 End. Bal. Repairs Expense 62,000 0 0 0 Closing entry 2 0 Closing entry 3 Insurance Expense 121,000 0 all 72,500 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 Closing entry 2 0 Closing entry 3 62,000 End. Bal. 0 Closing entry 2 0 Closing entry 3 121 000 Fnd Ral
Transcribed Image Text:balance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Accumulated Closing entry 1 Closing entry 2 End. Bal Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 JI End. Bal. Adj. Bal. Closing entry 1 End. Bal. Accounts Receivable 778,000 Closing entry 1 Prepaid Insurance 130,000 0 0 0 0 28,000 0 0 0 39,600 0 0 778,000 End. Bal. Depreciation-Equipment 28,000 Adj. Bal. 60.000 Deferred Service Revenue 0 0 Interest Payable 0 0 0 Closing entry 2 0 Closing entry 3 130.000 End. Bal. 0 Closing entry 2 0 Closing entry 3 Supplies Expense 215,000 0 Closing entry 3 0 End. Bal. Income Summary 39,600 Adj. Bal. 0 Closing entry 3 0 End. Bal. 60,000 Adj. Bal. Closing entry 3 | 40,000 End. Bal. 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 215,000 End. Bal. SIXTE Closing entry 1|L End. Bal. Depreciation Adj. Bal. Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Adj. Bal Closing entry 1 End Bal Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry 1 End Ral U 40,000 0 0 0 0 320,000 Retained Earnings 0 12,000 50.300 320,000 Adj. Bal Service Revenue 2,160,000 Expense-Equipment 0 Adj. Bal 62,300 Closing entry 3 0 End. Bal. 01 2,160,000 Adj Bal. 0 Utilities Expense 89,200 0 0 0 Closing entry 3 0 End. Bal. Interest Expense 40.000 Administrative Expense 182,000 0 0 40,000 End. Bal. 89,200 End. Bal. UClosing entry 31 121,000 End. Bal. 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 Closing entry 2 0 Closing entry 3 182,000 End. Bal. 0 Closing entry 2 00 Closing entry 3 all 40 000 Fnd Ral 0 Closing entry 2 0 Closing entry 3 Requirement b. Prepare a post-closing trial balance as of December 31. (Exclude any accounts with a zero balance from the trial balance.) Review the T-accounts completed in Requirement a Closing entry 1 Closing entry 2 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 Fnd Ral 0 0 1,200,000 1,200,000 Adj. Bal. Dividends 12,000 0 0 Wage Expense 1,276,000 0 12,000 End. Bal. Selling Expense 72,500 0 0 0 Closing entry 3 0 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 1,276,000 End. Bal. Repairs Expense 62,000 0 0 0 Closing entry 2 0 Closing entry 3 Insurance Expense 121,000 0 all 72,500 End. Bal. 0 Closing entry 2 0 Closing entry 3 0 Closing entry 2 0 Closing entry 3 62,000 End. Bal. 0 Closing entry 2 0 Closing entry 3 121 000 Fnd Ral
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