The following are the transactions of Kookie Company for the year ended December 31, 2019: Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting Dec 1 to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 nowolA Dec 31 Rendered services and collected cash 105,000

The following are the transactions of Kookie Company for the year ended December 31, 2019: Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting Dec 1 to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 nowolA Dec 31 Rendered services and collected cash 105,000

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

Basic Accounting

Using the transactions given in the picture, prepare the Closing Entries and Post-Closing Trial Balance. Kindly do it in good form. Thank you!

Assuming the following additional information:
Doubtful acCounts are estimated to be 3% of the total accounts receivable
All furniture, equipment and machinery have a useful life of 10 years with no
salvage value
Interest on the loan should be accrued
Only 2,500 worth of supplies is left at the end of the accounting period

The following are the transactions of Kookie Company for the year ended December 31, 2019:
Dec 1
Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting
to 200,000
Dec 3
Paid for advertising expense worth 45,000
Purchased office supplies by cash, 20,000
Purchased machineries costing 100,000. Paid 50% and promised to pay the
Dec 6
Dec 8
balance after 20 days
Dec 11 Purchased some machinery worth 115,000 on account
Dec 15 Rendered services to clients worth 200,000 on account
Dec 18 Make 50% payment on the balance owed on Dec 8
Dec 19 Rendered 510,000 worth of services and collected cash
Dec 20 Rendered 85,000 worth of services on account
301
OCM
601
Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually TER
Dec 26 Withdraw cash for personal use 20,000
Dec 31 Paid for the salaries of staff 170,000
hot eonowollA
Dec 31 Rendered services and collected cash 105,000

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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The first required step in the accounting cycle is: O journalizing transactions, posting transactions.. Oanalyzing transactions. O adjusting entries.
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