Ql: The following Adjusted Trial Balance was extracted from the books of Anees & Sons on 31“ December, 2015. From this you are required to pass closing entries. Debit Credit Particulars Rs. Rs. Cash 5,000 Accounts receivable 9,000 Merchandise inventory on 1.1.2015 Plant and machinery Land and building Furniture and fixtures Owner's equity Accounts payable 6,000 74,000 80,000 2,600 136,000 3,800 Purchases Salary payable Sales 10,000 2,800 70,000 Rent expense 4,600 Drawing Insurance prepaid Advertising expense Salaries expense 2,000 3,400 4,000 12,000 Total Rs. 212,600 Rs. 212,600 Use four types of closing entries then prepare POST CLOSING TRIAL BALANCE.
Ql: The following Adjusted Trial Balance was extracted from the books of Anees & Sons on 31“ December, 2015. From this you are required to pass closing entries. Debit Credit Particulars Rs. Rs. Cash 5,000 Accounts receivable 9,000 Merchandise inventory on 1.1.2015 Plant and machinery Land and building Furniture and fixtures Owner's equity Accounts payable 6,000 74,000 80,000 2,600 136,000 3,800 Purchases Salary payable Sales 10,000 2,800 70,000 Rent expense 4,600 Drawing Insurance prepaid Advertising expense Salaries expense 2,000 3,400 4,000 12,000 Total Rs. 212,600 Rs. 212,600 Use four types of closing entries then prepare POST CLOSING TRIAL BALANCE.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
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.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning