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Closing Problem The ledger accounts of E-Resources appear as follows on March 31, 201X: All accounts have normal balances. Journalize and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you. Journal the closing entries 2. Post the closing entries to the GL accounts $ Include revenue, expenses and draw 3. Prepare a post closing trial balance 1. TRIAL BALANCE Adjusted Trail Balance DR CR Cash 80,000 accounts rec 58,820 Supplies Ppd Insurance 10,600 25,000 Equipment Accum Drp Equip Accounts Payable 118,000 41,320 13,000 Capital 130,000 Draw 13,000 Fee income 374,460 Depr expense eq Salary expense Insurance expense 21,160 166,000 11,400 33,000 5,600 Rent expense Supply expense Telephone expense utilities expense 6,800 9,400 558,780 Totals 558,780 Prepare the Closing Entries Closing entries Account title Debit Credit 2 3 4 Enter the beginning balances from the trail balance into the General Ledger Accounts Post the Closing Entries to the General Ledger General Ledger Cash Ref |Debit |Credit Balance 80,000 accounts receivable Ref Debit Credit Balance 58,820 Equipment Ref |Debit |Credit |Balance 000 Dashboard Calendar To Do Notifications Inbox

Closing Problem The ledger accounts of E-Resources appear as follows on March 31, 201X: All accounts have normal balances. Journalize and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you. Journal the closing entries 2. Post the closing entries to the GL accounts $ Include revenue, expenses and draw 3. Prepare a post closing trial balance 1. TRIAL BALANCE Adjusted Trail Balance DR CR Cash 80,000 accounts rec 58,820 Supplies Ppd Insurance 10,600 25,000 Equipment Accum Drp Equip Accounts Payable 118,000 41,320 13,000 Capital 130,000 Draw 13,000 Fee income 374,460 Depr expense eq Salary expense Insurance expense 21,160 166,000 11,400 33,000 5,600 Rent expense Supply expense Telephone expense utilities expense 6,800 9,400 558,780 Totals 558,780 Prepare the Closing Entries Closing entries Account title Debit Credit 2 3 4 Enter the beginning balances from the trail balance into the General Ledger Accounts Post the Closing Entries to the General Ledger General Ledger Cash Ref |Debit |Credit Balance 80,000 accounts receivable Ref Debit Credit Balance 58,820 Equipment Ref |Debit |Credit |Balance 000 Dashboard Calendar To Do Notifications Inbox

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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1:00 1 AC107 Unit 4 Closing Template.xlsx Closing Problem The ledger accounts of E-Resources appear as follows on March 31, 201X: All accounts have normal balances. Journalize and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you. 1. Journal the closing entries 2. Post the closing entries to the GL accounts $ Include revenue, expenses and draw 3. Prepare a post closing trial balance TRIAL BALANCE Adjusted Trail Balance DR CR Cash 80,000 accounts rec 58,820 Supplies Ppd Insurance Equipment Accum Drp Equip Accounts Payable Capital 10,600 25,000 118,000 41,320 13,000 130,000 Draw 13,000 Fee income 374,460 Depr expense eq Salary expense 21,160 166,000 Insurance expense 11,400 Rent expense Supply expense Telephone expense utilities expense 33,000 5,600 6,800 9,400 Totals 558,780 558,780 Prepare the Closing Entries Closing entries Account title Debit Credit 1 2 3 4 Enter the beginning balances from the trail balance into the General Ledger Accounts Post the Closing Entries to the General Ledger General Ledger Cash Ref Debit Credit Balance 80,000 accounts receivable Ref Debit Credit Balance 58,820 Equipment Ref Debit Credit Balance 110 000 D0 Dashboard Calendar To Do Notifications Inbox 因
Transcribed Image Text:1:00 1 AC107 Unit 4 Closing Template.xlsx Closing Problem The ledger accounts of E-Resources appear as follows on March 31, 201X: All accounts have normal balances. Journalize and post the closing entries. The adjusted trial balance balances have been entered into the General Ledgers accounts for you. 1. Journal the closing entries 2. Post the closing entries to the GL accounts $ Include revenue, expenses and draw 3. Prepare a post closing trial balance TRIAL BALANCE Adjusted Trail Balance DR CR Cash 80,000 accounts rec 58,820 Supplies Ppd Insurance Equipment Accum Drp Equip Accounts Payable Capital 10,600 25,000 118,000 41,320 13,000 130,000 Draw 13,000 Fee income 374,460 Depr expense eq Salary expense 21,160 166,000 Insurance expense 11,400 Rent expense Supply expense Telephone expense utilities expense 33,000 5,600 6,800 9,400 Totals 558,780 558,780 Prepare the Closing Entries Closing entries Account title Debit Credit 1 2 3 4 Enter the beginning balances from the trail balance into the General Ledger Accounts Post the Closing Entries to the General Ledger General Ledger Cash Ref Debit Credit Balance 80,000 accounts receivable Ref Debit Credit Balance 58,820 Equipment Ref Debit Credit Balance 110 000 D0 Dashboard Calendar To Do Notifications Inbox 因
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