The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation, Equipment Van Accumulated Depreciation, Van Accounts Payable B. Morrow, Capital B. Morrow, Drawing Fees Earned Salaries Expense Advertising Expense Van Operating Expense Utilities Expense Miscellaneous Expense Required: ACCOUNT NAME DATE 20-- Jun. 30 Jun. 30 TRIAL BALANCE DESCRIPTION DEBIT Closing Entries 6,491.00 624.00 527.00 1,280.00 5,497.00 13,674.00 18,000.00 If an amount box does not require an entry, leave it blank. 16,000.00 2,200.00 705.00 1,248.00 358.00 66,604.00 1. Journalize the closing entries with the four steps in the correct sequence. Data for the adjustments are as follows: a. Expired or used up insurance, $470. b. Depreciation expense on equipment, $948. c. Depreciation expense on the van, $1,490. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, $407. CREDIT GENERAL JOURNAL 2,472.00 4,168.00 1,436.00 14,848.00 43,680.00 66,604.00 POST. REF. DEBIT PAGE CREDIT

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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Jun. 30
Jun. 30
Jun. 30
2. Assume that after completing the statement of owner's equity the amount for B. Morrow, Capital, June 30, 20-- is $16,415. Prepare a balance sheet.
Miss Beverly's Tutoring Service
Balance Sheet
June 30, 20--
Assets
Total Assets
Total Liabilities
Liabilities
Owner's Equity
Total Liabilities and Owner's Equity
||
to a bo o good
Transcribed Image Text:Jun. 30 Jun. 30 Jun. 30 2. Assume that after completing the statement of owner's equity the amount for B. Morrow, Capital, June 30, 20-- is $16,415. Prepare a balance sheet. Miss Beverly's Tutoring Service Balance Sheet June 30, 20-- Assets Total Assets Total Liabilities Liabilities Owner's Equity Total Liabilities and Owner's Equity || to a bo o good
The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows:
TRIAL BALANCE
DEBIT
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation, Equipment
Van
Accumulated Depreciation, Van
Accounts Payable
B. Morrow, Capital
B. Morrow, Drawing
Fees Earned
Salaries Expense
Advertising Expense
ACCOUNT NAME
Van Operating Expense
Utilities Expense
Miscellaneous Expense
Required:
DATE
20--
Jun. 30
Jun. 30
6,491.00
624.00
DESCRIPTION
527.00
1,280.00
5,497.00
If an amount box does not require an entry, leave it blank.
GENERAL JOURNAL
Closing Entries
13,674.00
18,000.00
16,000.00
2,200.00
705.00
1,248.00
358.00
66,604.00
1. Journalize the closing entries with the four steps in the correct sequence. Data for the adjustments are as follows:
a. Expired or used up insurance, $470.
b. Depreciation expense on equipment, $948.
c. Depreciation expense on the van, $1,490.
d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday).
e. Supplies remaining as of June 30, $407.
CREDIT
2,472.00
4,168.00
1,436.00
14,848.00
43,680.00
66,604.00
POST. REF.
DEBIT
PAGE
CREDIT
Transcribed Image Text:The account balances of Miss Beverly's Tutoring Service as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation, Equipment Van Accumulated Depreciation, Van Accounts Payable B. Morrow, Capital B. Morrow, Drawing Fees Earned Salaries Expense Advertising Expense ACCOUNT NAME Van Operating Expense Utilities Expense Miscellaneous Expense Required: DATE 20-- Jun. 30 Jun. 30 6,491.00 624.00 DESCRIPTION 527.00 1,280.00 5,497.00 If an amount box does not require an entry, leave it blank. GENERAL JOURNAL Closing Entries 13,674.00 18,000.00 16,000.00 2,200.00 705.00 1,248.00 358.00 66,604.00 1. Journalize the closing entries with the four steps in the correct sequence. Data for the adjustments are as follows: a. Expired or used up insurance, $470. b. Depreciation expense on equipment, $948. c. Depreciation expense on the van, $1,490. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, $407. CREDIT 2,472.00 4,168.00 1,436.00 14,848.00 43,680.00 66,604.00 POST. REF. DEBIT PAGE CREDIT
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