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Mountain Top Hardware Practice Set R4V2 Chart of Accounts Assets Current Assets O Copyright Dr. Kirk Lynch 2020 Mountain Top Hardware Revenue 411 Sales Expenses 110 Cash 111 Notes Receivable 112 Accounts Receivable 113 Interest Receivable 510 Cost of Merchandise Sold 114 Merchandise Inventory 115 Estimated Returns Inventory Selling Expenses 116 Office Supplies 521 117 Store Supplies 522 Sales Salaries Expense Advertising Expense 118 Prepaid Insurance 523 Deprec Expense - Store Equipment 524 Store Supplies Expense Property Plant and Equipment 121 Land 124 Office Equipment Administrative Expenses 125 Accum. Deprec. Office Equipment 531 126 Store Equipment 532 127 Accum. Deprec. Store Equipment 533 525 Misc. Selling Expense Office Salaries Expense Deprec. Expense Office Equipment Insurance Expense 534 Office Supplies Expense Liabilities 535 Rent Expense 536 Misc. Adminstrative Expense Current Liabilities 211 Accounts Payable Other Income 212 Salaries Payable 611 Rental Revenue 214 Customer Refunds Payable 612 Interest Revenue Long Term Liabilities Other Expenses 220 Notes Payable 711 Interest Expense Owner's Equity 310 SH Pilot Capital 311 SH Pilot Drawing CapsLock A Mountain Top Hardware Practice Set R4V1 F10 & 5 6 W E B Copyright 2020 D. Kirk Lynch Page 3 Closing Entries Only General Journal Post Ref. Debit Credit Date 2024 Description 1 Jone 30 2 3 4 6 7 8 9 0 1 2 1 2 3 4 5 6 8 9 10 11 12 23 23 24 25 26 27 RAREN222222 13 14 15 16 17 18 19 20 21 2 3 3

Mountain Top Hardware Practice Set R4V2 Chart of Accounts Assets Current Assets O Copyright Dr. Kirk Lynch 2020 Mountain Top Hardware Revenue 411 Sales Expenses 110 Cash 111 Notes Receivable 112 Accounts Receivable 113 Interest Receivable 510 Cost of Merchandise Sold 114 Merchandise Inventory 115 Estimated Returns Inventory Selling Expenses 116 Office Supplies 521 117 Store Supplies 522 Sales Salaries Expense Advertising Expense 118 Prepaid Insurance 523 Deprec Expense - Store Equipment 524 Store Supplies Expense Property Plant and Equipment 121 Land 124 Office Equipment Administrative Expenses 125 Accum. Deprec. Office Equipment 531 126 Store Equipment 532 127 Accum. Deprec. Store Equipment 533 525 Misc. Selling Expense Office Salaries Expense Deprec. Expense Office Equipment Insurance Expense 534 Office Supplies Expense Liabilities 535 Rent Expense 536 Misc. Adminstrative Expense Current Liabilities 211 Accounts Payable Other Income 212 Salaries Payable 611 Rental Revenue 214 Customer Refunds Payable 612 Interest Revenue Long Term Liabilities Other Expenses 220 Notes Payable 711 Interest Expense Owner's Equity 310 SH Pilot Capital 311 SH Pilot Drawing CapsLock A Mountain Top Hardware Practice Set R4V1 F10 & 5 6 W E B Copyright 2020 D. Kirk Lynch Page 3 Closing Entries Only General Journal Post Ref. Debit Credit Date 2024 Description 1 Jone 30 2 3 4 6 7 8 9 0 1 2 1 2 3 4 5 6 8 9 10 11 12 23 23 24 25 26 27 RAREN222222 13 14 15 16 17 18 19 20 21 2 3 3

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section9.3: Posting From A Purchases Journal
Problem 1OYO
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Closing Entries I know I have to close accounts in my general ledger but which accounts do I close and what is the process?
Mountain Top Hardware Practice Set R4V2 Chart of Accounts Assets Current Assets O Copyright Dr. Kirk Lynch 2020 Mountain Top Hardware Revenue 411 Sales Expenses 110 Cash 111 Notes Receivable 112 Accounts Receivable 113 Interest Receivable 510 Cost of Merchandise Sold 114 Merchandise Inventory 115 Estimated Returns Inventory Selling Expenses 116 Office Supplies 521 117 Store Supplies 522 Sales Salaries Expense Advertising Expense 118 Prepaid Insurance 523 Deprec Expense - Store Equipment 524 Store Supplies Expense Property Plant and Equipment 121 Land 124 Office Equipment Administrative Expenses 125 Accum. Deprec. Office Equipment 531 126 Store Equipment 532 127 Accum. Deprec. Store Equipment 533 525 Misc. Selling Expense Office Salaries Expense Deprec. Expense Office Equipment Insurance Expense 534 Office Supplies Expense Liabilities 535 Rent Expense 536 Misc. Adminstrative Expense Current Liabilities 211 Accounts Payable Other Income 212 Salaries Payable 611 Rental Revenue 214 Customer Refunds Payable 612 Interest Revenue Long Term Liabilities Other Expenses 220 Notes Payable 711 Interest Expense Owner's Equity 310 SH Pilot Capital 311 SH Pilot Drawing
Transcribed Image Text:Mountain Top Hardware Practice Set R4V2 Chart of Accounts Assets Current Assets O Copyright Dr. Kirk Lynch 2020 Mountain Top Hardware Revenue 411 Sales Expenses 110 Cash 111 Notes Receivable 112 Accounts Receivable 113 Interest Receivable 510 Cost of Merchandise Sold 114 Merchandise Inventory 115 Estimated Returns Inventory Selling Expenses 116 Office Supplies 521 117 Store Supplies 522 Sales Salaries Expense Advertising Expense 118 Prepaid Insurance 523 Deprec Expense - Store Equipment 524 Store Supplies Expense Property Plant and Equipment 121 Land 124 Office Equipment Administrative Expenses 125 Accum. Deprec. Office Equipment 531 126 Store Equipment 532 127 Accum. Deprec. Store Equipment 533 525 Misc. Selling Expense Office Salaries Expense Deprec. Expense Office Equipment Insurance Expense 534 Office Supplies Expense Liabilities 535 Rent Expense 536 Misc. Adminstrative Expense Current Liabilities 211 Accounts Payable Other Income 212 Salaries Payable 611 Rental Revenue 214 Customer Refunds Payable 612 Interest Revenue Long Term Liabilities Other Expenses 220 Notes Payable 711 Interest Expense Owner's Equity 310 SH Pilot Capital 311 SH Pilot Drawing
CapsLock A Mountain Top Hardware Practice Set R4V1 F10 & 5 6 W E B Copyright 2020 D. Kirk Lynch Page 3 Closing Entries Only General Journal Post Ref. Debit Credit Date 2024 Description 1 Jone 30 2 3 4 6 7 8 9 0 1 2 1 2 3 4 5 6 8 9 10 11 12 23 23 24 25 26 27 RAREN222222 13 14 15 16 17 18 19 20 21 2 3 3
Transcribed Image Text:CapsLock A Mountain Top Hardware Practice Set R4V1 F10 & 5 6 W E B Copyright 2020 D. Kirk Lynch Page 3 Closing Entries Only General Journal Post Ref. Debit Credit Date 2024 Description 1 Jone 30 2 3 4 6 7 8 9 0 1 2 1 2 3 4 5 6 8 9 10 11 12 23 23 24 25 26 27 RAREN222222 13 14 15 16 17 18 19 20 21 2 3 3
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