On December 31, after adjustments, The Pollock Family Farm’s ledger contains the following account balances.

INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary account
3. Post the closing entries to the general ledger accounts.
Analyze: 

List the accounts affected by closing entries for the month of December.

Transcribed Image Text:

101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Bruce Pollock, Capital (12/1/20X1) 302 Bruce Pollock, Drawing 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip. 517 Rent Expense 519 Salaries Expense 523 Utilities Expense $21,374 Dr. 5,400 Dr. 2,750 Dr. 17,325 Dr. 27,000 Dr. 675 Cr. 7,313 Cr. 43,088 Cr. 2,700 Dr. 40,998 Cr. 2,475 Dr. 675 Dr. 1,575 Dr. 8,100 Dr. 2,700 Dr.