Page 52 of 72 W MONARCH Activity 11: Closing Entries 11.1 You are provided with General...

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Page 52 of 72 W MONARCH Activity 11: Closing Entries 11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after balance day adjustments have been posted. a. Prepare the closing general journal entries. General Journal - E. Norman Copyright. INSTITUTE Date Particulars 30/6 Sales Debit 44,593 Credit Trading 44 593 Balance transferred to Trading A/c 30/6 Trading Cost of my Sold 21.118 0 Sola 21, 118 30/6 30/6 30/6 Balance transferred to Trading A/c Trading Profit & loss Gross profit transferred to P&L A/c Commission Income Profit & Loss Balance transferred to P&L A/c Profit & Loss Freight Outwrds Insurance Electricity Telephone Salories & Wages Rates s 23.45 23,475 807 807 5,624 475 228 Dr 532 190 2,470 30/6 Disc Alloc ed Rent Balances transferred to P&L A/c Profit & loss Capital Net profit transferred to Capital A/c 238 1007 484 19,658 19,658 Page 53 of 72 b. Post entries to the General Ledger. General Ledger Trading Account W MONARCH INSTITUTE Date Details Folio Debit Credit Balance 30/6 Sales N/A 44 593 44 593 CR Coas Profit&loss N/A N/A 21,118 23475 23, 475CR 0 Profit and Loss Account Date Details Folio Debit Credit 30/6 Trading N/A Com. Income N/A 23475 807 Balance 23475CR 24282CR Freight Outwrds N/A 475 23807 Insurance N/A 228 23579 Electricity N/A 532 24047 Telephone N/A 190 23857 Salories & Wages N/A 2,470 21387 Rates N/A 238 21149 Disc Allowed N/A 1007 201/42 Rent Capital Buildings (ASSET) N/A 484 19.658 N/A 19,658 0 Date Details Folio Debit Credit Balance 30/6 Balance N/A 31,483 DR Bank (ASSET) 30/6 Balance N/A 1,900 DR Accounts Receivable (ASSET) 30/6 Balance N/A 3,700 DR GST Paid (ASSET) 30/6 Balance N/A 2,000 DR Accounts Payable (LIABILITY) 30/6 Balance N/A 5,000 CR GST Collected (LIABILITY) Date Details Folio Debit Credit Balance 30/6 Balance N/A 2,600 CR Copyright. Monarch Institute 2023. Document: FNSACC321 322_421 Assignment Student CopyNEW Modified on 07 09 23 Page 54 of 72 General Ledger Sales (REVENUE) W MONARCH INSTITUTE 30/6 Balance N/A 44,593 CR COGS (EXPENSE) 30/6 Balance N/A 21,118 DR N/A Office Furniture & Equipment (ASSET) 30/6 Balance 950 DR N/A Inventory (ASSET) 30/6 Balance N/A 13,832 DR Freight Outwards (EXPENSE) 30/6 Balance N/A 475 DR N/A ✓ Insurance (EXPENSE) 30/6 Balance N/A 228 DR N/A Electricity (EXPENSE) 30/6 Balance N/A 532 DR N/A Telephone (EXPENSE) 30/6 Balance N/A 190 DR N/A Salaries & Wages (EXPENSE) 30/6 Balance N/A 2,470 DR N/A Rates (EXPENSE) 30/6 Balance N/A 238 DR N/A Discount Allowed (EXPENSE) Date Details 30/6 Balance Folio Debit Credit Balance N/A 1,007 DR N/A ©Copyright. Monarch Institute 2023. Document: FNSACC321_322_421 Assignment Student CopyNEW Page 55 of 72 General Ledger Rent (EXPENSE) 30/6 Balance Commissions Received (REVENUE) 30/6 Balance M A MONARCH INSTITUTE N/A 484 DR N/A N/A N/A 807 CR Capital (EQUITY) 30/6 Balance N/A 27,607 CR N/A Page 52 of 72 W MONARCH Activity 11: Closing Entries 11.1 You are provided with General Ledger with balances (in part (b) below) of E. Norman after balance day adjustments have been posted. a. Prepare the closing general journal entries. General Journal - E. Norman Copyright. INSTITUTE Date Particulars 30/6 Sales Debit 44,593 Credit Trading 44 593 Balance transferred to Trading A/c 30/6 Trading Cost of my Sold 21.118 0 Sola 21, 118 30/6 30/6 30/6 Balance transferred to Trading A/c Trading Profit & loss Gross profit transferred to P&L A/c Commission Income Profit & Loss Balance transferred to P&L A/c Profit & Loss Freight Outwrds Insurance Electricity Telephone Salories & Wages Rates s 23.45 23,475 807 807 5,624 475 228 Dr 532 190 2,470 30/6 Disc Alloc ed Rent Balances transferred to P&L A/c Profit & loss Capital Net profit transferred to Capital A/c 238 1007 484 19,658 19,658 Page 53 of 72 b. Post entries to the General Ledger. General Ledger Trading Account W MONARCH INSTITUTE Date Details Folio Debit Credit Balance 30/6 Sales N/A 44 593 44 593 CR Coas Profit&loss N/A N/A 21,118 23475 23, 475CR 0 Profit and Loss Account Date Details Folio Debit Credit 30/6 Trading N/A Com. Income N/A 23475 807 Balance 23475CR 24282CR Freight Outwrds N/A 475 23807 Insurance N/A 228 23579 Electricity N/A 532 24047 Telephone N/A 190 23857 Salories & Wages N/A 2,470 21387 Rates N/A 238 21149 Disc Allowed N/A 1007 201/42 Rent Capital Buildings (ASSET) N/A 484 19.658 N/A 19,658 0 Date Details Folio Debit Credit Balance 30/6 Balance N/A 31,483 DR Bank (ASSET) 30/6 Balance N/A 1,900 DR Accounts Receivable (ASSET) 30/6 Balance N/A 3,700 DR GST Paid (ASSET) 30/6 Balance N/A 2,000 DR Accounts Payable (LIABILITY) 30/6 Balance N/A 5,000 CR GST Collected (LIABILITY) Date Details Folio Debit Credit Balance 30/6 Balance N/A 2,600 CR Copyright. Monarch Institute 2023. Document: FNSACC321 322_421 Assignment Student CopyNEW Modified on 07 09 23 Page 54 of 72 General Ledger Sales (REVENUE) W MONARCH INSTITUTE 30/6 Balance N/A 44,593 CR COGS (EXPENSE) 30/6 Balance N/A 21,118 DR N/A Office Furniture & Equipment (ASSET) 30/6 Balance 950 DR N/A Inventory (ASSET) 30/6 Balance N/A 13,832 DR Freight Outwards (EXPENSE) 30/6 Balance N/A 475 DR N/A ✓ Insurance (EXPENSE) 30/6 Balance N/A 228 DR N/A Electricity (EXPENSE) 30/6 Balance N/A 532 DR N/A Telephone (EXPENSE) 30/6 Balance N/A 190 DR N/A Salaries & Wages (EXPENSE) 30/6 Balance N/A 2,470 DR N/A Rates (EXPENSE) 30/6 Balance N/A 238 DR N/A Discount Allowed (EXPENSE) Date Details 30/6 Balance Folio Debit Credit Balance N/A 1,007 DR N/A ©Copyright. Monarch Institute 2023. Document: FNSACC321_322_421 Assignment Student CopyNEW Page 55 of 72 General Ledger Rent (EXPENSE) 30/6 Balance Commissions Received (REVENUE) 30/6 Balance M A MONARCH INSTITUTE N/A 484 DR N/A N/A N/A 807 CR Capital (EQUITY) 30/6 Balance N/A 27,607 CR N/A