Comprehensive Problem 1

Part 9:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts.

Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.

Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. (Income Summary is account #33 in the chart of accounts.) If an amount box does not require an entry, leave it blank or enter "0".

Date Account Name Post. Ref. Debit Credit

2014

May 31

May 31

May 31

May 31