Help with closing journal entries, thank you Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Retained Earnings Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 48,000 Merchandise Inventory 14,700 14,700 14,700 39,500 39,500 Supplies Inventory 7,600 6,600 1,000 1,000 Accounts Receivable 72,000 72,000 72,000 Allowances for Uncollectible Accounts Receivable 2,600 2,600 2,600 Notes Receivable 79,000 79,000 79,000 Allowances for Uncollectible Notes Receivables 2,200 2,200 2,200 Prepaid Insurance 7,000 7,000 7,000 PP&E 1,530,000 1,530,000 1,530,000 Accumulated Depreciation (PP&E) 282,000 282,000 282,000 Patents 5,500 5,500 5,500 Accounts Payable 53,200 53,200 53,200 Wages Payable 8,000 8,000 8,000 Dividends Payable 1,000 1,000 1,000 Notes Payable 143,000 5,500 148,500 148,500 Unearned Revenue 11,500 11,500 11,500 Mortage Payable 230,000 230,000 230,000 Bonds Payable 330,000 330,000 330,000 Discount on Bonds Payable 3,000 3,000 3,000 Capital Stock 400,000 400,000 400,000 Paid in Capital in excess of Par 200,000 200,000 200,000 Retained Earning 70,000 70,000 70,000 116,000 Sales Revenue 394,500 11,500 383,000 383,000 Sales Return and Allowances 5,000 5,000 5,000 Depreciation Expenses 66,000 66,000 66,000 Dividends 10,000 10,000 10,000 Insurance Expenses 37,000 7,000 30,000 30,000 Supplies Expenses 6,600 6,600 6,600 Purchases 108,000 108,000 108,000 Miscellaneous Expenses 5,700 5,700 5,700 Interest Revenue 4,500 4,500 4,500 Wages Expenses 127,000 8,000 135,000 135,000 Totals 2,113,000 2,113,000 38,600 38,600 2,126,500 2,126,500 371,000 427,000 10,000 70,000 1,785,000 1,785,000 56,000 56,000 427,000 427,000 10,000 126,000 116000

Help with closing journal entries, thank you Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Retained Earnings Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 48,000 Merchandise Inventory 14,700 14,700 14,700 39,500 39,500 Supplies Inventory 7,600 6,600 1,000 1,000 Accounts Receivable 72,000 72,000 72,000 Allowances for Uncollectible Accounts Receivable 2,600 2,600 2,600 Notes Receivable 79,000 79,000 79,000 Allowances for Uncollectible Notes Receivables 2,200 2,200 2,200 Prepaid Insurance 7,000 7,000 7,000 PP&E 1,530,000 1,530,000 1,530,000 Accumulated Depreciation (PP&E) 282,000 282,000 282,000 Patents 5,500 5,500 5,500 Accounts Payable 53,200 53,200 53,200 Wages Payable 8,000 8,000 8,000 Dividends Payable 1,000 1,000 1,000 Notes Payable 143,000 5,500 148,500 148,500 Unearned Revenue 11,500 11,500 11,500 Mortage Payable 230,000 230,000 230,000 Bonds Payable 330,000 330,000 330,000 Discount on Bonds Payable 3,000 3,000 3,000 Capital Stock 400,000 400,000 400,000 Paid in Capital in excess of Par 200,000 200,000 200,000 Retained Earning 70,000 70,000 70,000 116,000 Sales Revenue 394,500 11,500 383,000 383,000 Sales Return and Allowances 5,000 5,000 5,000 Depreciation Expenses 66,000 66,000 66,000 Dividends 10,000 10,000 10,000 Insurance Expenses 37,000 7,000 30,000 30,000 Supplies Expenses 6,600 6,600 6,600 Purchases 108,000 108,000 108,000 Miscellaneous Expenses 5,700 5,700 5,700 Interest Revenue 4,500 4,500 4,500 Wages Expenses 127,000 8,000 135,000 135,000 Totals 2,113,000 2,113,000 38,600 38,600 2,126,500 2,126,500 371,000 427,000 10,000 70,000 1,785,000 1,785,000 56,000 56,000 427,000 427,000 10,000 126,000 116000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Help with closing journal entries, thank you

	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Retained Earnings	Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	48,000				48,000						48,000
Merchandise Inventory	14,700				14,700		14,700	39,500			39,500
Supplies Inventory	7,600			6,600	1,000						1,000
Accounts Receivable	72,000				72,000						72,000
Allowances for Uncollectible Accounts Receivable		2,600				2,600						2,600
Notes Receivable	79,000				79,000						79,000
Allowances for Uncollectible Notes Receivables		2,200				2,200						2,200
Prepaid Insurance			7,000		7,000						7,000
PP&E	1,530,000				1,530,000						1,530,000
Accumulated Depreciation (PP&E)		282,000				282,000						282,000
Patents			5,500		5,500						5,500
Accounts Payable		53,200				53,200						53,200
Wages Payable				8,000		8,000						8,000
Dividends Payable		1,000				1,000						1,000
Notes Payable		143,000		5,500		148,500						148,500
Unearned Revenue				11,500		11,500						11,500
Mortage Payable		230,000				230,000						230,000
Bonds Payable		330,000				330,000						330,000
Discount on Bonds Payable	3,000				3,000						3,000
Capital Stock		400,000				400,000						400,000
Paid in Capital in excess of Par		200,000				200,000						200,000
Retained Earning		70,000				70,000				70,000		116,000
Sales Revenue		394,500	11,500			383,000		383,000
Sales Return and Allowances	5,000				5,000		5,000
Depreciation Expenses	66,000				66,000		66,000
Dividends	10,000				10,000				10,000
Insurance Expenses	37,000			7,000	30,000		30,000
Supplies Expenses			6,600		6,600		6,600
Purchases	108,000				108,000		108,000
Miscellaneous Expenses	5,700				5,700		5,700
Interest Revenue		4,500				4,500		4,500
Wages Expenses	127,000		8,000		135,000		135,000

Totals	2,113,000	2,113,000	38,600	38,600	2,126,500	2,126,500	371,000	427,000	10,000	70,000	1,785,000	1,785,000
							56,000			56,000
							427,000	427,000	10,000	126,000
										116000

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.