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
icon
Related questions
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 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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education