After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following
Question:
After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following account balances on May 31:
Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through4.
ADJUSTED TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Cash 2.018.00 300.00 1,408.00 987.00 5,790.00 Supplies 9 Accounts Receivable 10Prepaid Insurance 11 Office Equipment 12 Accumulated Depreciaton, Ofice Equipment 13 Accounts Payable 14 B. Lyon, Capital 15 B.Lyon, Drawing 16 Commissions Earned 17 Rent Expense 18 Supplies Expense 19 Depreciation Expense, Office Equipment 20 Utiliies Expense 21 Miscellaneous Expense 1,372.00 880.00 7,520.00 1,550.00 4,679.00 995.00 575.00 462.00 269.00 97.00 14451.00 14451.00 23 Sheet SheetSheet3
Step by Step Answer:
GENERAL JOURNAL PAGE POST DATE DESCRIPTION REF DEBIT CREDIT 20 x Closing Entries 1 ...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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