Instructions

The work sheet for Major Advising to complete this exercise is as follows.

Prepare the closing entries. If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part $2.$

Post the closing entries to the $T$ accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Then complete the posting in part $1.$

$\backslash$table$[[\backslash$table$[[$Major Advising$],[$Work Sheet $($Partial$)],[$For Month Ended January $31,20--]]],[$Income Statement Balance Sheet$],[$Account Title,Debit,Credit,Debit,Credit$],[$Cash$,,,1,358,],[$Accounts Receivable,,,$924,],[$Supplies$,,,347,],[$Prepaid Insurance,$0,,855,],[$Office Equipment,,$3,520,],[$Accum$.$ Depr.$-$Office Equipment,,,,$207],[$Accounts Payable,,,,$960],[$Wages Payable,,,,$295],[$Ed Major, Capital,,,,$4,206],[$Ed Major, Drawing,,,$875,],[$Advising Fees,,$4,147,,],[$Wages Expense,$737,,,],[$Advertising Expense,$94,,,],[$Rent Expense,$473,,,],[$Supplies Expense,$135,,,],[$Phone Expense,$75,,,],[$Electricity Expense,$56,,,],[$Insurance Expense,$93,,,],[$Gas and Oil Expense,$47,,,],[$Depr$.$ Expense$-$Office Equipment,$207,,,],[$Miscellaneous Expense,$19,,,],[1,936,4,147,7,879,5,668],[$Net Income,$2,211,,,2,211],[4,147,4,147,7,879,7,879]]$

A chart of accounts is provided below.