Find year-end closing entries (journal and ledger). STAR COMPANY ADJUSTED TRIAL BALANCE - December 31, 2022ACCOUNTS100- Cash on Hand101- Checks Received102- Cash in Bank120- Accounts Receivable153- Merchandise191- V.A.T. Deductible252- Buildings255- Furniture & Fixtures257- Accumulated Deprec.321- Notes Payable360- Taxes & Funds Payable361- Social Security Payable391- V.A.T. Collected500- Capital570- Previous Years' Profits600- Sales621- Cost of Merchan. Sold631- Mrktg., Sel., Ad. Expen.632- Gen. & Adm. Expenses660- Shrt-Term Borrow. Exp.689- Other Extraord. Losses760- Mrkt, Sell. & Dist. Costs761- Mkt, SII. & D.C. Applied770- General & Adm. Costs771- Gen. & Adm. C. Applied780- Financial Costs781- Financial Costs AppliedTOTALSAMOUNTSDebit70,800142,600132,600150,000180,00014,400250,00050,00080,00049,00023,400-----=====100,0006,00025,0002,0005,0006,000‒‒‒‒‒10,0002,000Credit67,000142,600=====-----132,60060,000 90,000100,00080,00014,400=====15,000196,40050,0002,00023,400400,00080,000130,000=====-----6,000-----10,0002,000BALANCES1,298,800 1,298,800Debit3,800250,00050,000-----‒‒‒‒‒100,0006,00025,0002,0005,0006,00010,000‒‒‒‒‒2,000Credit---------------|-----------‒‒‒‒‒15,000116,4001,0002,000400,00080,000130,000------------===----------6,000=====10,0002,000762,400 762,400

The closing entries are required to be made for each account which are required to be set-off or…

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Find year-end closing entries (journal and ledger).

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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Question

Find year-end closing entries (journal and ledger).

STAR COMPANY ADJUSTED TRIAL BALANCE - December 31, 2022
ACCOUNTS
100- Cash on Hand
101- Checks Received
102- Cash in Bank
120- Accounts Receivable
153- Merchandise
191- V.A.T. Deductible
252- Buildings
255- Furniture & Fixtures
257- Accumulated Deprec.
321- Notes Payable
360- Taxes & Funds Payable
361- Social Security Payable
391- V.A.T. Collected
500- Capital
570- Previous Years' Profits
600- Sales
621- Cost of Merchan. Sold
631- Mrktg., Sel., Ad. Expen.
632- Gen. & Adm. Expenses
660- Shrt-Term Borrow. Exp.
689- Other Extraord. Losses
760- Mrkt, Sell. & Dist. Costs
761- Mkt, SII. & D.C. Applied
770- General & Adm. Costs
771- Gen. & Adm. C. Applied
780- Financial Costs
781- Financial Costs Applied
TOTALS
AMOUNTS
Debit
70,800
142,600
132,600
150,000
180,000
14,400
250,000
50,000
80,000
49,000
23,400
-----
=====
100,000
6,000
25,000
2,000
5,000
6,000
‒‒‒‒‒
10,000
2,000
Credit
67,000
142,600
=====
-----
132,600
60,000 90,000
100,000
80,000
14,400
=====
15,000
196,400
50,000
2,000
23,400
400,000
80,000
130,000
=====
-----
6,000
-----
10,000
2,000
BALANCES
1,298,800 1,298,800
Debit
3,800
250,000
50,000
-----
‒‒‒‒‒
100,000
6,000
25,000
2,000
5,000
6,000
10,000
‒‒‒‒‒
2,000
Credit
-----
-----
-----
|-----
------
‒‒‒‒‒
15,000
116,400
1,000
2,000
400,000
80,000
130,000
-----
-----
--===
-----
-----
6,000
=====
10,000
2,000
762,400 762,400

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