Prepare the closing entries Account DebitCredit Cash15,000 Accounts Receivable3,100 Prepaid Insurance Supplies2,150 Land20,000 Building75,000 Furniture5,000 Equipment20,000 Accumulated Depreciation - Building 1,500 Accumulated Depreciation - Furniture 500 Accumulated Depreciation - Equipment 1,000 Accounts Payable 4,400 Interest Payable 325 Salaries Payable 250 Unearned Commission Revenue 450 Unearned Subscription Revenue1,200 Bank Loan - Long Term 57,600 Share Capital 66,600 Commissions Earned 38,650 Subscription Revenue 34,700 Advertising Expense4,300 Depreciation Expense - Building1,500 Depreciation Expense - Furniture500 Depreciation Expense - Equipment1,000 Insurance Expense1,800 Interest Expense2,615 Salaries Expense33,800 Supplies Expense16,150 Utilities Expense2,860 Totals205,975205,975 REVENUECommissionsSubscriptionsTotal RevenueEXPENSESAdvertisingDepreciation - BuildingDepreciation - FurnitureDepreciation - EquipmentInsuranceInterestSalariesSuppliesUtilitiesTotal ExpensesNet IncomeASSETSCashLuna CorporationBalance Sheeton August 31, 2023Accounts ReceivablePrepaid InsuranceSuppliesLandBuildings, netFurniture, netEquipment, netTotal AssetsLIABILITIESAccounts PayableInterest PayableSalaries PayableUnearned Commissions RevenueUnearned SubscriptionsBank Loan-Long TermTotal LiabilitiesEQUITYShare CapitalRetained EarningsTotal EquityTotal Liabilities and Equity$38,650$34,700$4,300$1,500$500$1,000$1,800$2,615$33,800$16,150$2,860$15,000$3,100$2,150$20,000$73,500$4,500$19,000$4,400$325$250$450($1,200)$57,600$66,600$8,825$73,350$64,525$8,825$137,250$6$75,425$137,250Opening BalanceShares IssuedNet IncomeEnding BalanceCapital$O66,6000$66,600Earnings$0Equity$00 66,6008,825 8,825$8,825 $75,425

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Description: Prepare the closing entries Account DebitCredit Cash15,000 Accounts Receivable3,100 Prepaid Insurance Supplies2,150 Land20,000 Building75,000 Furniture5,000 Equipment20,000 Accumulated Depreciation - Building 1,500 Accumulated Depreciation -

Closing entries are required to close the temporary accounts after making financial statements…

Answered: Prepare the closing entries Account…

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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Prepare the closing entries

Account	Debit	Credit
Cash	15,000
Accounts Receivable	3,100
Prepaid Insurance
Supplies	2,150
Land	20,000
Building	75,000
Furniture	5,000
Equipment	20,000
Accumulated Depreciation - Building		1,500
Accumulated Depreciation - Furniture		500
Accumulated Depreciation - Equipment		1,000
Accounts Payable		4,400
Interest Payable		325
Salaries Payable		250
Unearned Commission Revenue		450
Unearned Subscription Revenue	1,200
Bank Loan - Long Term		57,600
Share Capital		66,600
Commissions Earned		38,650
Subscription Revenue		34,700
Advertising Expense	4,300
Depreciation Expense - Building	1,500
Depreciation Expense - Furniture	500
Depreciation Expense - Equipment	1,000
Insurance Expense	1,800
Interest Expense	2,615
Salaries Expense	33,800
Supplies Expense	16,150
Utilities Expense	2,860
Totals	205,975	205,975

REVENUE
Commissions
Subscriptions
Total Revenue
EXPENSES
Advertising
Depreciation - Building
Depreciation - Furniture
Depreciation - Equipment
Insurance
Interest
Salaries
Supplies
Utilities
Total Expenses
Net Income
ASSETS
Cash
Luna Corporation
Balance Sheet
on August 31, 2023
Accounts Receivable
Prepaid Insurance
Supplies
Land
Buildings, net
Furniture, net
Equipment, net
Total Assets
LIABILITIES
Accounts Payable
Interest Payable
Salaries Payable
Unearned Commissions Revenue
Unearned Subscriptions
Bank Loan-Long Term
Total Liabilities
EQUITY
Share Capital
Retained Earnings
Total Equity
Total Liabilities and Equity
$38,650
$34,700
$4,300
$1,500
$500
$1,000
$1,800
$2,615
$33,800
$16,150
$2,860
$15,000
$3,100
$2,150
$20,000
$73,500
$4,500
$19,000
$4,400
$325
$250
$450
($1,200)
$57,600
$66,600
$8,825
$73,350
$64,525
$8,825
$137,250
$6
$75,425
$137,250
Opening Balance
Shares Issued
Net Income
Ending Balance
Capital
$O
66,600
0
$66,600
Earnings
$0
Equity
$0
0 66,600
8,825 8,825
$8,825 $75,425

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