se the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Closing Entries (Net Loss) Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Bal. 4,000 Kylea Vasquez, Drawing 312 Bal. 800 Income Summary 313 Delivery Fees 401 Bal. 2,200 Wages Expense 511 Bal. 1,710 Advertising Expense 512 Bal. 80 Rent Expense 521 Bal. 400 Supplies Expense 523 Bal. 120 Phone Expense 525 Bal. 58 Electricity Expense 533 Bal. 44 Insurance Expense 535 Bal. 30 Gas and Oil Expense 538 Bal. 38 Depr. Exp.— Del. Equip 541 Bal. 100 Miscellaneous Expense 549 Bal. 33 Closing Entries 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20-- Jan. 31 fill in the blank 48dab105b06900f_2 fill in the blank 48dab105b06900f_3 fill in the blank 48dab105b06900f_4 1 2 fill in the blank 48dab105b06900f_6 fill in the blank 48dab105b06900f_7 fill in the blank 48dab105b06900f_8 2 3 3 4 Jan. 31 fill in the blank 48dab105b06900f_10 fill in the blank 48dab105b06900f_11 fill in the blank 48dab105b06900f_12 4 5 fill in the blank 48dab105b06900f_14 fill in the blank 48dab105b06900f_15 fill in the blank 48dab105b06900f_16 5 6 fill in the blank 48dab105b06900f_18 fill in the blank 48dab105b06900f_19 fill in the blank 48dab105b06900f_20 6 7 fill in the blank 48dab105b06900f_22 fill in the blank 48dab105b06900f_23 fill in the blank 48dab105b06900f_24 7 8 fill in the blank 48dab105b06900f_26 fill in the blank 48dab105b06900f_27 fill in the blank 48dab105b06900f_28 8 9 fill in the blank 48dab105b06900f_30 fill in the blank 48dab105b06900f_31 fill in the blank 48dab105b06900f_32 9 10 fill in the blank 48dab105b06900f_34 fill in the blank 48dab105b06900f_35 fill in the blank 48dab105b06900f_36 10 11 fill in the blank 48dab105b06900f_38 fill in the blank 48dab105b06900f_39 fill in the blank 48dab105b06900f_40 11 12 fill in the blank 48dab105b06900f_42 fill in the blank 48dab105b06900f_43 fill in the blank 48dab105b06900f_44 12 13 fill in the blank 48dab105b06900f_46 fill in the blank 48dab105b06900f_47 fill in the blank 48dab105b06900f_48 13 14 fill in the blank 48dab105b06900f_50 fill in the blank 48dab105b06900f_51 fill in the blank 48dab105b06900f_52 14 15 15 16 Jan. 31 fill in the blank 48dab105b06900f_54 fill in the blank 48dab105b06900f_55 fill in the blank 48dab105b06900f_56 16 17 fill in the blank 48dab105b06900f_58 fill in the blank 48dab105b06900f_59 fill in the blank 48dab105b06900f_60 17 18 18 19 Jan. 31 fill in the blank 48dab105b06900f_62 fill in the blank 48dab105b06900f_63 fill in the blank 48dab105b06900f_64 19 20 fill in the blank 48dab105b06900f_66 fill in the blank 48dab105b06900f_67 fill in the blank 48dab105b06900f_68 20 21 21 Post Closing Entries 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Closing fill in the blank 6bf3ad0e604bfb1_1 Bal. 4,000 Closing fill in the blank 6bf3ad0e604bfb1_2 Bal. fill in the blank 6bf3ad0e604bfb1_3 Kylea Vasquez, Drawing 312 Bal. 800 Closing fill in the blank 6bf3ad0e604bfb1_4 Income Summary 313 Closing fill in the blank 6bf3ad0e604bfb1_5 Closing fill in the blank 6bf3ad0e604bfb1_6 Closing fill in the blank 6bf3ad0e604bfb1_7 Delivery Fees 401 Closing fill in the blank 6bf3ad0e604bfb1_8 Bal. 2,200 Wages Expense 511 Bal. 1,710 Closing fill in the blank 6bf3ad0e604bfb1_9 Advertising Expense 512 Bal. 80 Closing fill in the blank 6bf3ad0e604bfb1_10 Rent Expense 521 Bal. 400 Closing fill in the blank 6bf3ad0e604bfb1_11 Supplies Expense 523 Bal. 120 Closing fill in the blank 6bf3ad0e604bfb1_12 Phone Expense 525 Bal. 58 Closing fill in the blank 6bf3ad0e604bfb1_13 Electricity Expense 533 Bal. 44 Closing fill in the blank 6bf3ad0e604bfb1_14 Insurance Expense 535 Bal. 30 Closing fill in the blank 6bf3ad0e604bfb1_15 Gas and Oil Expense 538 Bal. 38 Closing fill in the blank 6bf3ad0e604bfb1_16 Depr. Exp.—Delivery Equip. 541 Bal. 100 Closing fill in the blank 6bf3ad0e604bfb1_17 Miscellaneous Expense 549 Bal. 33 Closing fill in the blank 6bf3ad0e604bfb1_18

se the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Closing Entries (Net Loss) Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Bal. 4,000 Kylea Vasquez, Drawing 312 Bal. 800 Income Summary 313 Delivery Fees 401 Bal. 2,200 Wages Expense 511 Bal. 1,710 Advertising Expense 512 Bal. 80 Rent Expense 521 Bal. 400 Supplies Expense 523 Bal. 120 Phone Expense 525 Bal. 58 Electricity Expense 533 Bal. 44 Insurance Expense 535 Bal. 30 Gas and Oil Expense 538 Bal. 38 Depr. Exp.— Del. Equip 541 Bal. 100 Miscellaneous Expense 549 Bal. 33 Closing Entries 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20-- Jan. 31 fill in the blank 48dab105b06900f_2 fill in the blank 48dab105b06900f_3 fill in the blank 48dab105b06900f_4 1 2 fill in the blank 48dab105b06900f_6 fill in the blank 48dab105b06900f_7 fill in the blank 48dab105b06900f_8 2 3 3 4 Jan. 31 fill in the blank 48dab105b06900f_10 fill in the blank 48dab105b06900f_11 fill in the blank 48dab105b06900f_12 4 5 fill in the blank 48dab105b06900f_14 fill in the blank 48dab105b06900f_15 fill in the blank 48dab105b06900f_16 5 6 fill in the blank 48dab105b06900f_18 fill in the blank 48dab105b06900f_19 fill in the blank 48dab105b06900f_20 6 7 fill in the blank 48dab105b06900f_22 fill in the blank 48dab105b06900f_23 fill in the blank 48dab105b06900f_24 7 8 fill in the blank 48dab105b06900f_26 fill in the blank 48dab105b06900f_27 fill in the blank 48dab105b06900f_28 8 9 fill in the blank 48dab105b06900f_30 fill in the blank 48dab105b06900f_31 fill in the blank 48dab105b06900f_32 9 10 fill in the blank 48dab105b06900f_34 fill in the blank 48dab105b06900f_35 fill in the blank 48dab105b06900f_36 10 11 fill in the blank 48dab105b06900f_38 fill in the blank 48dab105b06900f_39 fill in the blank 48dab105b06900f_40 11 12 fill in the blank 48dab105b06900f_42 fill in the blank 48dab105b06900f_43 fill in the blank 48dab105b06900f_44 12 13 fill in the blank 48dab105b06900f_46 fill in the blank 48dab105b06900f_47 fill in the blank 48dab105b06900f_48 13 14 fill in the blank 48dab105b06900f_50 fill in the blank 48dab105b06900f_51 fill in the blank 48dab105b06900f_52 14 15 15 16 Jan. 31 fill in the blank 48dab105b06900f_54 fill in the blank 48dab105b06900f_55 fill in the blank 48dab105b06900f_56 16 17 fill in the blank 48dab105b06900f_58 fill in the blank 48dab105b06900f_59 fill in the blank 48dab105b06900f_60 17 18 18 19 Jan. 31 fill in the blank 48dab105b06900f_62 fill in the blank 48dab105b06900f_63 fill in the blank 48dab105b06900f_64 19 20 fill in the blank 48dab105b06900f_66 fill in the blank 48dab105b06900f_67 fill in the blank 48dab105b06900f_68 20 21 21 Post Closing Entries 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Closing fill in the blank 6bf3ad0e604bfb1_1 Bal. 4,000 Closing fill in the blank 6bf3ad0e604bfb1_2 Bal. fill in the blank 6bf3ad0e604bfb1_3 Kylea Vasquez, Drawing 312 Bal. 800 Closing fill in the blank 6bf3ad0e604bfb1_4 Income Summary 313 Closing fill in the blank 6bf3ad0e604bfb1_5 Closing fill in the blank 6bf3ad0e604bfb1_6 Closing fill in the blank 6bf3ad0e604bfb1_7 Delivery Fees 401 Closing fill in the blank 6bf3ad0e604bfb1_8 Bal. 2,200 Wages Expense 511 Bal. 1,710 Closing fill in the blank 6bf3ad0e604bfb1_9 Advertising Expense 512 Bal. 80 Closing fill in the blank 6bf3ad0e604bfb1_10 Rent Expense 521 Bal. 400 Closing fill in the blank 6bf3ad0e604bfb1_11 Supplies Expense 523 Bal. 120 Closing fill in the blank 6bf3ad0e604bfb1_12 Phone Expense 525 Bal. 58 Closing fill in the blank 6bf3ad0e604bfb1_13 Electricity Expense 533 Bal. 44 Closing fill in the blank 6bf3ad0e604bfb1_14 Insurance Expense 535 Bal. 30 Closing fill in the blank 6bf3ad0e604bfb1_15 Gas and Oil Expense 538 Bal. 38 Closing fill in the blank 6bf3ad0e604bfb1_16 Depr. Exp.—Delivery Equip. 541 Bal. 100 Closing fill in the blank 6bf3ad0e604bfb1_17 Miscellaneous Expense 549 Bal. 33 Closing fill in the blank 6bf3ad0e604bfb1_18

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

Use the following partial listing of T accounts to complete this exercise.

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.

Closing Entries (Net Loss)

Accum. Depr.—Delivery Equip	185.1
		Bal.	100

Wages Payable	219
		Bal.	200

Kylea Vasquez, Capital	311
		Bal.	4,000

Kylea Vasquez, Drawing	312
Bal.	800

Income Summary	313

Delivery Fees	401
		Bal.	2,200

Wages Expense	511
Bal.	1,710

Advertising Expense	512
Bal.	80

Rent Expense	521
Bal.	400

Supplies Expense	523
Bal.	120

Phone Expense	525
Bal.	58

Electricity Expense	533
Bal.	44

Insurance Expense	535
Bal.	30

Gas and Oil Expense	538
Bal.	38

Depr. Exp.— Del. Equip	541
Bal.	100

Miscellaneous Expense	549
Bal.	33

Closing Entries

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.

Page: 1

	DATE	POST. REF.	DEBIT	CREDIT
1	20-- Jan. 31	fill in the blank 48dab105b06900f_2	fill in the blank 48dab105b06900f_3	fill in the blank 48dab105b06900f_4	1
2		fill in the blank 48dab105b06900f_6	fill in the blank 48dab105b06900f_7	fill in the blank 48dab105b06900f_8	2
3					3
4	Jan. 31	fill in the blank 48dab105b06900f_10	fill in the blank 48dab105b06900f_11	fill in the blank 48dab105b06900f_12	4
5		fill in the blank 48dab105b06900f_14	fill in the blank 48dab105b06900f_15	fill in the blank 48dab105b06900f_16	5
6		fill in the blank 48dab105b06900f_18	fill in the blank 48dab105b06900f_19	fill in the blank 48dab105b06900f_20	6
7		fill in the blank 48dab105b06900f_22	fill in the blank 48dab105b06900f_23	fill in the blank 48dab105b06900f_24	7
8		fill in the blank 48dab105b06900f_26	fill in the blank 48dab105b06900f_27	fill in the blank 48dab105b06900f_28	8
9		fill in the blank 48dab105b06900f_30	fill in the blank 48dab105b06900f_31	fill in the blank 48dab105b06900f_32	9
10		fill in the blank 48dab105b06900f_34	fill in the blank 48dab105b06900f_35	fill in the blank 48dab105b06900f_36	10
11		fill in the blank 48dab105b06900f_38	fill in the blank 48dab105b06900f_39	fill in the blank 48dab105b06900f_40	11
12		fill in the blank 48dab105b06900f_42	fill in the blank 48dab105b06900f_43	fill in the blank 48dab105b06900f_44	12
13		fill in the blank 48dab105b06900f_46	fill in the blank 48dab105b06900f_47	fill in the blank 48dab105b06900f_48	13
14		fill in the blank 48dab105b06900f_50	fill in the blank 48dab105b06900f_51	fill in the blank 48dab105b06900f_52	14
15					15
16	Jan. 31	fill in the blank 48dab105b06900f_54	fill in the blank 48dab105b06900f_55	fill in the blank 48dab105b06900f_56	16
17		fill in the blank 48dab105b06900f_58	fill in the blank 48dab105b06900f_59	fill in the blank 48dab105b06900f_60	17
18					18
19	Jan. 31	fill in the blank 48dab105b06900f_62	fill in the blank 48dab105b06900f_63	fill in the blank 48dab105b06900f_64	19
20		fill in the blank 48dab105b06900f_66	fill in the blank 48dab105b06900f_67	fill in the blank 48dab105b06900f_68	20
21					21

Post Closing Entries

Accum. Depr.—Delivery Equip	185.1
		Bal.	100

Wages Payable	219
		Bal.	200

Kylea Vasquez, Capital	311
Closing	fill in the blank 6bf3ad0e604bfb1_1	Bal.	4,000
Closing	fill in the blank 6bf3ad0e604bfb1_2
		Bal.	fill in the blank 6bf3ad0e604bfb1_3

Kylea Vasquez, Drawing	312
Bal.	800	Closing	fill in the blank 6bf3ad0e604bfb1_4

Income Summary	313
Closing	fill in the blank 6bf3ad0e604bfb1_5	Closing	fill in the blank 6bf3ad0e604bfb1_6
		Closing	fill in the blank 6bf3ad0e604bfb1_7

Delivery Fees	401
Closing	fill in the blank 6bf3ad0e604bfb1_8	Bal.	2,200

Wages Expense	511
Bal.	1,710	Closing	fill in the blank 6bf3ad0e604bfb1_9

Advertising Expense	512
Bal.	80	Closing	fill in the blank 6bf3ad0e604bfb1_10

Rent Expense	521
Bal.	400	Closing	fill in the blank 6bf3ad0e604bfb1_11

Supplies Expense	523
Bal.	120	Closing	fill in the blank 6bf3ad0e604bfb1_12

Phone Expense	525
Bal.	58	Closing	fill in the blank 6bf3ad0e604bfb1_13

Electricity Expense	533
Bal.	44	Closing	fill in the blank 6bf3ad0e604bfb1_14

Insurance Expense	535
Bal.	30	Closing	fill in the blank 6bf3ad0e604bfb1_15

Gas and Oil Expense	538
Bal.	38	Closing	fill in the blank 6bf3ad0e604bfb1_16

Depr. Exp.—Delivery Equip.	541
Bal.	100	Closing	fill in the blank 6bf3ad0e604bfb1_17

Miscellaneous Expense	549
Bal.	33	Closing	fill in the blank 6bf3ad0e604bfb1_18

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