### Accounting Ledger for Ozaki Tax Services - December 31The general ledger for Ozaki Tax Services on December 31 of the fiscal year is presented below in T-account format. #### Cash in Bank| Dr. | Cr. ||---|---|| | || + | || 4,000 | |#### Joy Ozaki, Withdrawals| Dr. | Cr. ||---|---|| | || + | || 3,000 | |#### Accounts Receivable| Dr. | Cr. ||---|---|| | || + | || 500 | |#### Income Summary| Dr. | Cr. ||---|---|| | || 0 | || 0 | |#### Computer Equipment| Dr. | Cr. ||---|---|| | || + | || 15,000 | |#### Accounting Fees| Dr. | Cr. ||---|---|| | || | - || | 16,000 |#### Accounts Payable| Dr. | Cr. ||---|---|| | || | + || | 4,000 |#### Miscellaneous Expense| Dr. | Cr. ||---|---|| | || + | || 3,000 | |#### Joy Ozaki, Capital| Dr. | Cr. ||---|---|| | || | + || | 7,000 |#### Utilities Expense| Dr. | Cr. ||---|---|| | || + | || 1,500 | |### Required Closing Entries(1) Record the four necessary closing entries in the general journal. (Omit the "Dr." and "Cr." signs in your response.)| Date | General Journal | Debit | Credit ||---|---|---|---|| Dec. 31 | (Click to select) | | || 31 | (Click to select) | | || 31 | (Click to select) | | || 31 | (Click to select) | | |This educational content covers the fundamentals of recording and managing transactions ### Educational Website Transcription: Accounting Ledger Entries#### Task Instructions**(2) Post the closing entries to the general ledger T accounts provided. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)**---Here are the T accounts with labels for the entries. Each account includes columns for Debit (Dr.) and Credit (Cr.) transactions, followed by rows for adding or subtracting values.1. **Cash in Bank** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]2. **Joy Ozaki, Withdrawals** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]3. **Accounts Receivable** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]4. **Income Summary** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]5. **Computer Equipment** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]6. **Accounting Fees** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]7. **Accounts Payable** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]8. **Miscellaneous Expense** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]9. **Joy Ozaki, Capital** - Debit (Dr.): [Text Box] - Credit (Cr.): [Text Box] - [+] [Text Box] - [–] [Text Box]10. **Utilities Expense**

The closing entries are prepared to close the accounts which are not transferred to balance sheet…

Dr. Cr. Dr. Cr. + +. 4,000 3,000 Accounts Receivable Income Summary Dr. Cr. Dr. Cr. 500 Computer Equipment Accounting Fees Dr. Cr. Dr. Cr. 15,000 16,000 Accounts Payable Miscellaneous Expense Dr. Cr. Dr. Cr. 4,000 3,000 Joy Ozaki, Capital Utilities Expense Dr. Cr. Dr. Cr. + 7,000 1,500

Dr. Cr. Dr. Cr. + +. 4,000 3,000 Accounts Receivable Income Summary Dr. Cr. Dr. Cr. 500 Computer Equipment Accounting Fees Dr. Cr. Dr. Cr. 15,000 16,000 Accounts Payable Miscellaneous Expense Dr. Cr. Dr. Cr. 4,000 3,000 Joy Ozaki, Capital Utilities Expense Dr. Cr. Dr. Cr. + 7,000 1,500

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

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### Accounting Ledger for Ozaki Tax Services - December 31

The general ledger for Ozaki Tax Services on December 31 of the fiscal year is presented below in T-account format.

#### Cash in Bank
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 4,000 | |

#### Joy Ozaki, Withdrawals
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 3,000 | |

#### Accounts Receivable
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 500 | |

#### Income Summary
| Dr. | Cr. |
|---|---|
| | |
| 0 | |
| 0 | |

#### Computer Equipment
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 15,000 | |

#### Accounting Fees
| Dr. | Cr. |
|---|---|
| | |
| | - |
| | 16,000 |

#### Accounts Payable
| Dr. | Cr. |
|---|---|
| | |
| | + |
| | 4,000 |

#### Miscellaneous Expense
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 3,000 | |

#### Joy Ozaki, Capital
| Dr. | Cr. |
|---|---|
| | |
| | + |
| | 7,000 |

#### Utilities Expense
| Dr. | Cr. |
|---|---|
| | |
| + | |
| 1,500 | |

### Required Closing Entries

(1) Record the four necessary closing entries in the general journal. (Omit the "Dr." and "Cr." signs in your response.)

| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Dec. 31 | (Click to select) | | |
| 31 | (Click to select) | | |
| 31 | (Click to select) | | |
| 31 | (Click to select) | | |

This educational content covers the fundamentals of recording and managing transactions

### Educational Website Transcription: Accounting Ledger Entries

#### Task Instructions

**(2) Post the closing entries to the general ledger T accounts provided. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)**

---

Here are the T accounts with labels for the entries. Each account includes columns for Debit (Dr.) and Credit (Cr.) transactions, followed by rows for adding or subtracting values.

1. **Cash in Bank**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

2. **Joy Ozaki, Withdrawals**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

3. **Accounts Receivable**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

4. **Income Summary**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

5. **Computer Equipment**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

6. **Accounting Fees**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

7. **Accounts Payable**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

8. **Miscellaneous Expense**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

9. **Joy Ozaki, Capital**
- Debit (Dr.): [Text Box]
- Credit (Cr.): [Text Box]
- [+] [Text Box]
- [–] [Text Box]

10. **Utilities Expense**

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