PROBLEM 6-7A Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- AL SALANI AONUSIMUNIS ARSID IRAL BALANE INOME STATEMENT MLANE SHLT ACCOUNT TITLE DEST CREDT DENT CHEDE DET CRED DEBT CREDT DEBT CPEDIT 1 Cash 2 Accounts Recelvable 3 Sepplies 3673 00 1450 00 70 0 00 90 0 00 3200 00 3673 00 1450 00 673 00 1450 00 300 00 230 00 400 0 670 00 3200 00 400 00 670 00 3200 0 4 Prepak Insurance 5 Delvery Equipment 6 Accum. Depr.-Dethvery Equpnent 7 Accounts Payable 8 Wages Payable 9 Don Megan, Capital 10 Dan Meguma, Drawing 55 00 55 00 1200 00 400 00 8000 00 55 00 6 1200 00 7 400 008 1200 00 400 00 8000 00 8000 009 1100 00 1100 00 1100 00 11 Repair Fees 12 Wages Expense 470000 4700 00 4700 00 11 1750 00 200 00 640 00 2150 00 200 00 640 00 300 00 5000 230 00 200 00 SS00 2150 00 200 0 640 00 300 00 00 00 12 13 Advertising Expeme 14 Rent Experse 13 14 15 Supplies Expese 300 00 15 16 Phone Expeme 50 00 50 00 16 230 00 17 irsurance Bxpense 18 Gas and ONI Expense 19 Depr. Exponse-Dowery tqupnent 20 Miscellanesus Epense 21 22 Netincorne 230 00 17 200 00 200 00 18 5500 19 E7 00 37 00 13 90 0 00 13 9o 00 37 00 985 00 14 35 5 00 14 355 00 862 00 47 00 00 10 493 00 9655 00 21 8 38 00 22 985 00 838 00 23 4700 00 470 00 10 493 00 10 4 9 3 00 23 24 24 26 27 26 27 29 30 30 Megaffin's Repairs Chart of Accounts Assets Revenues 101 Cash 401 Repair Fees 122 Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum. Depr.–Delivery Equip. 141 Expenses 511 145 185 Wages Expense Advertising Expense Rent Expense Supplies Expense Phone Expense Insurance Expense Gas and Oil Expense Depr. Exp.-Delivery Equip. Miscellaneous Expense 512 185.1 521 523 Liabilities 525 Accounts Payable Wages Payable 202 535 219 538 541 Owner's Equity 311 549 Don Megaffin, Capital Don Megaffin, Drawing Income Summary 312 313

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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CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to the
work sheet in Problem 6-7A for Megaffin's Repairs. The trial balance
amounts (before adjustments) have been entered in the ledger accounts
provided in the working papers. If you are not using the working papers
that accompany this book, set up ledger accounts and enter these
balances as of January 31, 20--. A chart of accounts is provided attached.

 

REQUIRED

1. Journalize (page 10) and post the adjusting entries.
2. Journalize (page 11) and post the closing entries.
3. Prepare a post-closing trial balance.

PROBLEM 6-7A
Megaffin's Repairs
Work Sheet
For Month Ended January 31, 20--
AL SALANI
AONUSIMUNIS
ARSID IRAL BALANE
INOME STATEMENT
MLANE SHLT
ACCOUNT TITLE
DEST
CREDT
DENT
CHEDE
DET
CRED
DEBT
CREDT
DEBT
CPEDIT
1 Cash
2 Accounts Recelvable
3 Sepplies
3673 00
1450 00
70 0 00
90 0 00
3200 00
3673 00
1450 00
673 00
1450 00
300 00
230 00
400 0
670 00
3200 00
400 00
670 00
3200 0
4 Prepak Insurance
5 Delvery Equipment
6 Accum. Depr.-Dethvery Equpnent
7 Accounts Payable
8 Wages Payable
9 Don Megan, Capital
10 Dan Meguma, Drawing
55 00
55 00
1200 00
400 00
8000 00
55 00 6
1200 00 7
400 008
1200 00
400 00
8000 00
8000 009
1100 00
1100 00
1100 00
11 Repair Fees
12 Wages Expense
470000
4700 00
4700 00
11
1750 00
200 00
640 00
2150 00
200 00
640 00
300 00
5000
230 00
200 00
SS00
2150 00
200 0
640 00
300 00
00 00
12
13 Advertising Expeme
14 Rent Experse
13
14
15 Supplies Expese
300 00
15
16 Phone Expeme
50 00
50 00
16
230 00
17 irsurance Bxpense
18 Gas and ONI Expense
19 Depr. Exponse-Dowery tqupnent
20 Miscellanesus Epense
21
22 Netincorne
230 00
17
200 00
200 00
18
5500
19
E7 00
37 00
13 90 0 00 13 9o 00
37 00
985 00 14 35 5 00 14 355 00 862 00 47 00 00 10 493 00 9655 00 21
8 38 00 22
985 00
838 00
23
4700 00 470 00 10 493 00 10 4 9 3 00 23
24
24
26
27
26
27
29
30
30
Transcribed Image Text:PROBLEM 6-7A Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- AL SALANI AONUSIMUNIS ARSID IRAL BALANE INOME STATEMENT MLANE SHLT ACCOUNT TITLE DEST CREDT DENT CHEDE DET CRED DEBT CREDT DEBT CPEDIT 1 Cash 2 Accounts Recelvable 3 Sepplies 3673 00 1450 00 70 0 00 90 0 00 3200 00 3673 00 1450 00 673 00 1450 00 300 00 230 00 400 0 670 00 3200 00 400 00 670 00 3200 0 4 Prepak Insurance 5 Delvery Equipment 6 Accum. Depr.-Dethvery Equpnent 7 Accounts Payable 8 Wages Payable 9 Don Megan, Capital 10 Dan Meguma, Drawing 55 00 55 00 1200 00 400 00 8000 00 55 00 6 1200 00 7 400 008 1200 00 400 00 8000 00 8000 009 1100 00 1100 00 1100 00 11 Repair Fees 12 Wages Expense 470000 4700 00 4700 00 11 1750 00 200 00 640 00 2150 00 200 00 640 00 300 00 5000 230 00 200 00 SS00 2150 00 200 0 640 00 300 00 00 00 12 13 Advertising Expeme 14 Rent Experse 13 14 15 Supplies Expese 300 00 15 16 Phone Expeme 50 00 50 00 16 230 00 17 irsurance Bxpense 18 Gas and ONI Expense 19 Depr. Exponse-Dowery tqupnent 20 Miscellanesus Epense 21 22 Netincorne 230 00 17 200 00 200 00 18 5500 19 E7 00 37 00 13 90 0 00 13 9o 00 37 00 985 00 14 35 5 00 14 355 00 862 00 47 00 00 10 493 00 9655 00 21 8 38 00 22 985 00 838 00 23 4700 00 470 00 10 493 00 10 4 9 3 00 23 24 24 26 27 26 27 29 30 30
Megaffin's Repairs
Chart of Accounts
Assets
Revenues
101
Cash
401
Repair Fees
122
Accounts Receivable
Supplies
Prepaid Insurance
Delivery Equipment
Accum. Depr.–Delivery Equip.
141
Expenses
511
145
185
Wages Expense
Advertising Expense
Rent Expense
Supplies Expense
Phone Expense
Insurance Expense
Gas and Oil Expense
Depr. Exp.-Delivery Equip.
Miscellaneous Expense
512
185.1
521
523
Liabilities
525
Accounts Payable
Wages Payable
202
535
219
538
541
Owner's Equity
311
549
Don Megaffin, Capital
Don Megaffin, Drawing
Income Summary
312
313
Transcribed Image Text:Megaffin's Repairs Chart of Accounts Assets Revenues 101 Cash 401 Repair Fees 122 Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum. Depr.–Delivery Equip. 141 Expenses 511 145 185 Wages Expense Advertising Expense Rent Expense Supplies Expense Phone Expense Insurance Expense Gas and Oil Expense Depr. Exp.-Delivery Equip. Miscellaneous Expense 512 185.1 521 523 Liabilities 525 Accounts Payable Wages Payable 202 535 219 538 541 Owner's Equity 311 549 Don Megaffin, Capital Don Megaffin, Drawing Income Summary 312 313
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