Tony decided to end the Sanchez Computer Center s first year
Tony decided to end the Sanchez Computer Center’s first year as of September 30, 201X. Following is an updated chart of accounts.
Assets Revenue
1000 Cash 4000 Service Revenue
1020 Accounts Receivable Expenses
1025 Prepaid Rent 5010 Advertising Expense
1030 Supplies 5020 Rent Expense
1080 Computer Shop Equip. 5030 Utilities Expense
1081 Accum. Depr., C.S. Equip. 5040 Phone Expense
1090 Office Equipment 5050 Supplies Expense
1091 Accum. Depr., Office Equip. 5060 Insurance Expense
Liabilities 5070 Postage Expense
2000 Accounts Payable 5080 Depr. Exp., C.S. Equip.
Owner’s Equity 5090 Depr. Exp., Office Equip.
3000 T. Freedman, Capital
3010 T. Freedman, Withdrawals
3020 Income Summary

1. Journalize the adjusting entries from Chapter 4.
2. Post the adjusting entries to the ledger.
3. Journalize the closing entries.
4. Post the closing entries to the ledger.
5. Prepare a post-closing trial balance.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help