Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 14,500 128 Prepaid insurance 2,000 167
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Question:
Number | Account Title | Debit | Credit |
---|---|---|---|
101 | Cash | $ 18,000 | |
126 | Supplies | 14,500 | |
128 | Prepaid insurance | 2,000 | |
167 | Equipment | 23,000 | |
168 | Accumulated depreciation—Equipment | $ 6,500 | |
307 | Common stock | 9,539 | |
318 | Retained earnings | 38,600 | |
319 | Dividends | 6,000 | |
403 | Services revenue | 39,500 | |
612 | Depreciation expense—Equipment | 2,000 | |
622 | Salaries expense | 23,029 | |
637 | Insurance expense | 1,659 | |
640 | Rent expense | 2,647 | |
652 | Supplies expense | 1,304 | |
Totals | $ 94,139 | $ 94,139 |
1. Prepare the December 31 closing entries. The account number for Income Summary is 901.
2. Prepare the December 31 post-closing trial balance. Note: The Retained Earnings account balance was $38,600 on December 31 of the prior year.
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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