8-2 APPLICATION PROBLEM Journalizing and posting closing entries Use the journal and general ledger accounts for...

  

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8-2 APPLICATION PROBLEM Journalizing and posting closing entries Use the journal and general ledger accounts for Len's Laundry below. A partial work sheet for the month ended April 30 of the current year is shown below. 4 Supplies Prepaid Insurance Accounts Payable-Tri-County Supplies Accounts Payable-West End Supply Co. Leonard Long, Capital Leonard Long, Drawing 10 Income Summary 11Sales 18 Cash Accounts Receivable-Natasha Goodlad Accounts Receivable-R. Henry Advertising Expense 15 Insurance Expense 17 ACCOUNT TITLE 19 Miscellaneous Expense Supplies Expense Utilities Expense Net Income INCOME STATEMENT DEBIT 80000 20000 31500 45000 CREDIT 623300 BALANCE SHEET DEBIT 760700 70000 49800 43100 20000 100000 CREDIT Continue on the same journal page. Journalize and post the closing entries. 38100 55500 1 652700 149500 326000 623300 10463.00 746300 297300 297300 623300 623300 1046300 1043600 .. 10 11 12 11: 15 14 2 4 3 3 9 10 12 IN 14 15 16 12 18 Date Apr Account Title Adjusting Entries 30 Supplies Expense Supplies 30 Insurance Expense Prepaid Insurance Doc. No. JOURNAL Post. Ref. 540 150 520 160 Debit Note: Type a "0" in both the Debit and Credit Balance columns to indicate Zero Balance. Select: General Ledger General 450 00 200 00 Credit 450 00 200 00 Sales Credit Debit Cash Page 12 Credit 7599=2238506 10 12 13 14 [15 15 12 18 8-2 APPLICATION PROBLEM Journalizing and posting closing entries Use the journal and general ledger accounts for Len's Laundry below. A partial work sheet for the month ended April 30 of the current year is shown below. 4 Supplies Prepaid Insurance Accounts Payable-Tri-County Supplies Accounts Payable-West End Supply Co. Leonard Long, Capital Leonard Long, Drawing 10 Income Summary 11Sales 18 Cash Accounts Receivable-Natasha Goodlad Accounts Receivable-R. Henry Advertising Expense 15 Insurance Expense 17 ACCOUNT TITLE 19 Miscellaneous Expense Supplies Expense Utilities Expense Net Income INCOME STATEMENT DEBIT 80000 20000 31500 45000 CREDIT 623300 BALANCE SHEET DEBIT 760700 70000 49800 43100 20000 100000 CREDIT Continue on the same journal page. Journalize and post the closing entries. 38100 55500 1 652700 149500 326000 623300 10463.00 746300 297300 297300 623300 623300 1046300 1043600 .. 10 11 12 11: 15 14 2 4 3 3 9 10 12 IN 14 15 16 12 18 Date Apr Account Title Adjusting Entries 30 Supplies Expense Supplies 30 Insurance Expense Prepaid Insurance Doc. No. JOURNAL Post. Ref. 540 150 520 160 Debit Note: Type a "0" in both the Debit and Credit Balance columns to indicate Zero Balance. Select: General Ledger General 450 00 200 00 Credit 450 00 200 00 Sales Credit Debit Cash Page 12 Credit 7599=2238506 10 12 13 14 [15 15 12 18

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Date Apr 30 Apr 30 Account title Sale S Income Summary closing of all revenue acco... View the full answer