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

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

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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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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