Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 20,800 Retained Earnings 20,800 Date Accounts Debit Credit Dec. 31 Retained Earnings 9,590 Salaries Expense 6,600 Depreciation Expense - Furniture 200 Insurance Expense 450 Utilities Expense 230 Rent Expense 2,000 Supplies Expense 110 Date Accounts Debit Credit Dec. 31 Retained Earnings 4,200 Dividends 4,200 Retained Earnings Account No. 315 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Dividends Account No. 320 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 30 Paid cash dividends J1 4,200 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Service Revenue Account No.410 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 12 Performed services for cash J1 2,600 Dec. 15 Performed services on account J1 3,000 Dec. 20 Performed services for cash J1 12,900 Dec. 28 Performed services on account J1 600 Dec. 31 Adjusting Entry J1 600 Dec. 31 Adjusting Entry J1 1,100 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Depreciation Expense - Furniture Account No. 510 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 200 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Insurance Expense Account No. 520 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 450 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Rent Expense Account No. 540 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 28 Paid December Rent J1 2,000 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Salaries Expense Account No. 545 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec.18 Paid Salaries J1 2,000 Dec. 31 Adjusting Entry J1 4,600 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Supplies Expense Account No. 550 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 110 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Utilities Expense Account No. 555 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 27 Paid utility bill on account J1 230 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1

Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 20,800 Retained Earnings 20,800 Date Accounts Debit Credit Dec. 31 Retained Earnings 9,590 Salaries Expense 6,600 Depreciation Expense - Furniture 200 Insurance Expense 450 Utilities Expense 230 Rent Expense 2,000 Supplies Expense 110 Date Accounts Debit Credit Dec. 31 Retained Earnings 4,200 Dividends 4,200 Retained Earnings Account No. 315 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Dividends Account No. 320 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 30 Paid cash dividends J1 4,200 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Service Revenue Account No.410 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 12 Performed services for cash J1 2,600 Dec. 15 Performed services on account J1 3,000 Dec. 20 Performed services for cash J1 12,900 Dec. 28 Performed services on account J1 600 Dec. 31 Adjusting Entry J1 600 Dec. 31 Adjusting Entry J1 1,100 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Depreciation Expense - Furniture Account No. 510 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 200 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Insurance Expense Account No. 520 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 450 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Rent Expense Account No. 540 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 28 Paid December Rent J1 2,000 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Salaries Expense Account No. 545 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec.18 Paid Salaries J1 2,000 Dec. 31 Adjusting Entry J1 4,600 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Supplies Expense Account No. 550 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 31 Adjusting Entry J1 110 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1 Utilities Expense Account No. 555 Date Explanation Ref. Debit Credit Balance Beg. Balance 0 Dec. 27 Paid utility bill on account J1 230 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1

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

Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side.

the normal balance side.

Date	Accounts	Debit	Credit
Dec. 31	Service Revenue	20,800
	Retained Earnings		20,800

Date	Accounts	Debit	Credit
Dec. 31	Retained Earnings	9,590
	Salaries Expense		6,600
	Depreciation Expense - Furniture		200
	Insurance Expense		450
	Utilities Expense		230
	Rent Expense		2,000
	Supplies Expense		110

Date	Accounts	Debit	Credit
Dec. 31	Retained Earnings	4,200
	Dividends		4,200

Retained Earnings

Account No. 315

Date	Explanation	Ref.	Balance
	Beg. Balance		0
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Dividends

Account No. 320

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 30	Paid cash dividends	J1	4,200
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Service Revenue

Account No.410

Date	Explanation	Ref.	Credit	Balance
	Beg. Balance			0
Dec. 12	Performed services for cash	J1	2,600
Dec. 15	Performed services on account	J1	3,000
Dec. 20	Performed services for cash	J1	12,900
Dec. 28	Performed services on account	J1	600
Dec. 31	Adjusting Entry	J1	600
Dec. 31	Adjusting Entry	J1	1,100
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Depreciation Expense - Furniture

Account No. 510

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 31	Adjusting Entry	J1	200
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Insurance Expense

Account No. 520

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 31	Adjusting Entry	J1	450
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Rent Expense

Account No. 540

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 28	Paid December Rent	J1	2,000
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Salaries Expense

Account No. 545

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec.18	Paid Salaries	J1	2,000
Dec. 31	Adjusting Entry	J1	4,600
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Supplies Expense

Account No. 550

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 31	Adjusting Entry	J1	110
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

Utilities Expense

Account No. 555

Date	Explanation	Ref.	Debit	Balance
	Beg. Balance			0
Dec. 27	Paid utility bill on account	J1	230
Bal.Dec. 1Dec. 15Dec. 31	Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues	J1

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