(d) Journalize the closing entries from the financial statement columns of the worksheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The trial balance columns of the worksheet for ABC Services at March 31 are as follows.
ABC Services
Worksheet
For the Quarter Ended March 31, 2021
Trial Balance
Account Titles
Debit Credit
Cash
11,400
Accounts Receivable
5,620
Supplies
Prepaid Insurance
Equipment
Notes Payable
Accounts Payable
Owner's Capital
Owner's Drawings
1,050
2,400
30,000
10,000
12,350
20,000
600
Service Revenue
13,620
Salaries and Wages Expense
Travel Expense
Rent Expense
2,200
1,300
1,200
200
55,970 55,970
Miscellaneous Expense
Totals
Other data:
1. Supplies on hand total Tk 480.
2. Depreciation is Tk 800 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, Tk 300.
4. Insurance expires at the rate of Tk 200 per month i.e., tk 600 for the quarter.
5. Services provided but unbilled at March 31 total Tk 1,030
Requirements:
(d) Journalize the closing entries from the financial statement columns of the worksheet.
Transcribed Image Text:The trial balance columns of the worksheet for ABC Services at March 31 are as follows. ABC Services Worksheet For the Quarter Ended March 31, 2021 Trial Balance Account Titles Debit Credit Cash 11,400 Accounts Receivable 5,620 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 1,050 2,400 30,000 10,000 12,350 20,000 600 Service Revenue 13,620 Salaries and Wages Expense Travel Expense Rent Expense 2,200 1,300 1,200 200 55,970 55,970 Miscellaneous Expense Totals Other data: 1. Supplies on hand total Tk 480. 2. Depreciation is Tk 800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, Tk 300. 4. Insurance expires at the rate of Tk 200 per month i.e., tk 600 for the quarter. 5. Services provided but unbilled at March 31 total Tk 1,030 Requirements: (d) Journalize the closing entries from the financial statement columns of the worksheet.
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