Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Chapter 4, Problem 4.22E
Closing Entries. Diane s Dairy Sales & Delivery finished its first year of operations on December 31, 2018 After
| Diane's Dairy Sales & Delivery Adjusted Trial Balance At December 31 | ||||
| Account | Debit | Credit | ||
| Cash | $ 833,000 | |||
| 179,000 | ||||
| Supplies | 83,000 | |||
| Prepaid Insurance | 13,000 | |||
| Prepaid Rent | 30,000 | |||
| Equipment | 350,000 | |||
| Accumulated |
$ 30,000 | |||
| Accounts Payable | 150,500 | |||
| Wages Payable | 24,000 | |||
| Unearned Revenue | 12,000 | |||
| Notes Payable, due 2019 | 80,000 | |||
| Common Stock | 1,000,000 | |||
| 0 | ||||
| Dividends | 12,000 | |||
| Sales Revenue | 1,000,500 | |||
| Wage Expense | 320,000 | |||
| Utility Expense | 32,000 | |||
| Selling Expense | 122,500 | |||
| Administrative Expense | 192,500 | |||
| Insurance Expense | 14,000 | |||
| Supplies Expense | 85,000 | |||
| Depreciation Expense—Equipment | 31,000 | |||
| Totals | $2,297000 | $2.297000 | ||
Using this trial balance, prepare Diane’s necessary entries to close out temporary accounts at year-end Omit explanations.
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Chapter 4 Solutions
Intermediate Accounting (2nd Edition)
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