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Refer to the work sheet in Problem 6-7A for Megaffin's Repairs. The trial balance amounts (before adjustments) have been entered

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Refer to the work sheet in Problem 6-7A for Megaffin's Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of January 31, 20--. A chart of accounts is provided below.

Refer to the work sheet in Problem 6-7A for Megaffin's

REQUIRED
1. Journalize (page 10) and post the adjusting entries.
2. Journalize (page 11) and post the closing entries.
3. Prepare a post-closing trialbalance.

Transcribed Image Text:

101 Cash 122 Accounts Receiva ble 141 Supplics 145 Prepaid Insurance 185 Delivery Equipment 185.1 Accum. Depr- Delivery Equip S21 Rent Expense 401 Repair Fces Expenses 511 Wages Expense 512 Advertising Expense 523 525 535 538 541 549 Supplies Expense Telephone Expense Insurance Expense Gas and Oil Expense Depr. Exp.- Delivery Equip Miscellancous Expense Liabilitics 202 Accounts Payable 219 Wages Payable Owner's Equity 1 Don Megaffin, Capital 312 Don Megaffin, Drawing 313 Income Summary

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1 GENERAL JOURNAL PAGE 10 date description POST ref debit credit Adjusting Entries 20 Jan 31 Supplies Expense 523 3 0 0 00 Supplies 141 3 0 0 00 31 Insurance Expense 535 2 3 0 00 Prepaid Insurance 145 …View the full answer


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College Accounting Chapters 1-15

College Accounting Chapters 1-15

ISBN: 978-1285055459

21st Edition

Authors: James Heintz

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Question Posted: June 07, 2014 03:40:28
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