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QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 3,700 Accounts Receivable 13,300 Merchandise Inventory 31,500 Office Supplies 6,300 Equipment 42,900 Accumulated Depreciation-Equipment $ 13,900 Accounts Payable 9,200 Salaries Payable 800 Notes Payable, long-term 8,600 Common Stock 18,000 Retained Earnings 4,950 Dividends 41,500 Sales Revenue 235,700 Cost of Goods Sold 107,550 Selling Expense 27,400 Administrative Expense 14,200 Interest Expense 2,800 Total $ 291,150 $ 291,150

QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 3,700 Accounts Receivable 13,300 Merchandise Inventory 31,500 Office Supplies 6,300 Equipment 42,900 Accumulated Depreciation-Equipment $ 13,900 Accounts Payable 9,200 Salaries Payable 800 Notes Payable, long-term 8,600 Common Stock 18,000 Retained Earnings 4,950 Dividends 41,500 Sales Revenue 235,700 Cost of Goods Sold 107,550 Selling Expense 27,400 Administrative Expense 14,200 Interest Expense 2,800 Total $ 291,150 $ 291,150

FINANCIAL ACCOUNTING
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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Use the following information to answer Exercises E5-23 through E5-25.

The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:

Journalizing closing entries Requirements

  1. Journalize the required dosing entries at March 31, 2018.
  2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
  3. How much was Quality Office’s net income or net loss?
QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 3,700 Accounts Receivable 13,300 Merchandise Inventory 31,500 Office Supplies 6,300 Equipment 42,900 Accumulated Depreciation-Equipment $ 13,900 Accounts Payable 9,200 Salaries Payable 800 Notes Payable, long-term 8,600 Common Stock 18,000 Retained Earnings 4,950 Dividends 41,500 Sales Revenue 235,700 Cost of Goods Sold 107,550 Selling Expense 27,400 Administrative Expense 14,200 Interest Expense 2,800 Total $ 291,150 $ 291,150
Transcribed Image Text:QUALITY OFFICE SYSTEMS Adjusted Trial Balance March 31, 2018 Balance Account Title Debit Credit Cash $ 3,700 Accounts Receivable 13,300 Merchandise Inventory 31,500 Office Supplies 6,300 Equipment 42,900 Accumulated Depreciation-Equipment $ 13,900 Accounts Payable 9,200 Salaries Payable 800 Notes Payable, long-term 8,600 Common Stock 18,000 Retained Earnings 4,950 Dividends 41,500 Sales Revenue 235,700 Cost of Goods Sold 107,550 Selling Expense 27,400 Administrative Expense 14,200 Interest Expense 2,800 Total $ 291,150 $ 291,150
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