Question Content Area The work sheet for Major Advising to complete this exercise is as follows 1 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 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 Major Advising Work Sheet (Partial) For Month Ended January 31, 20 Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 1,359 Accounts Receivable 929 Supplies 345 Prepaid Insurance 867 Office Equipment 3,410 Accum Depr Office Equipment 213 Accounts Payable 1,047 Wages Payable 291 Ed Major, Capital 4,055 Ed Major, Drawing 947 Advising Fees 4,165 Wages Expense 744 Advertising Expense 98 Rent Expense 452 Supplies Expense 135 Phone Expense 50 Electricity Expense 45 Insurance Expense 96 Gas and Oil Expense 55 Depr ExpenseOffice Equipment 213 Miscellaneous Expense 26 1,914 4,165 7,857 5,606 Net Income 2,251 2,251 4,165 4,165 7,857 7,857 A chart of accounts is provided below Chart of Accounts Assets Revenues 101 Cash 401 Advising Fees 122 Accounts Receivable 141 Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 181 Office Equipment 512 Advertising Expense 181 1 Accum Depr Office Equip 521 Rent Expense 524 Supplies Expense Liabilities 525 Phone Expense 202 Accounts Payable 533 Electricity Expense 219 Wages Payable 535 Insurance Expense 538 Gas and Oil Expense 541 Depr Exp Office Equip Owners Equity 549 Miscellaneous Expense 311 Ed Major, Capital 312 Ed Major, Drawing 313 Income Summary 1 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 Page 1 ROW NUMBER DATE DESCRIPTION POST REF DEBIT CREDIT ROW NUMBER 1 20 Jan 31 Advertising ExpenseAdvising FeesCashEd Major, DrawingSupplies Expense blank Select Select Select 1 2 blank Accounts PayableAdvising FeesEd Major, CapitalIncome SummaryPrepaid Insurance blank Select Select Select 2 3 blank blank blank blank blank blank 3 4 Jan 31 Advertising ExpenseCashEd Major, CapitalEd Major, DrawingIncome Summary blank Select Select Select 4 5 blank Accounts ReceivableAdvising FeesEd Major, CapitalWages ExpenseWages Payable blank Select Select Select 5 6 blank Accounts PayableAdvertising ExpenseAdvising FeesEd Major, CapitalOffice Equipment blank Select Select Select 6 7 blank Accounts ReceivableAdvising FeesCashEd Major, DrawingRent Expense blank Select Select Select 7 8 blank Advising FeesEd Major, CapitalSupplies ExpenseSuppliesWages Payable blank Select Select Select 8 9 blank Accounts PayableCashEd Major, CapitalEd Major, DrawingPhone Expense blank Select Select Select 9 10 blank Accounts ReceivableAdvising FeesElectricity ExpenseIncome SummaryPrepaid Insurance blank Select Select Select 10 11 blank Advising FeesEd Major, CapitalInsurance ExpensePrepaid InsuranceWages Payable blank Select Select Select 11 12 blank Accounts PayableAdvising FeesCashEd Major, DrawingGas and Oil Expense blank Select Select Select 12 13 blank Accumulated Depreciation Office EquipmentDepreciation Expense Office EquipmentEd Major, CapitalIncome SummaryOffice Equipment blank Select Select Select 13 14 blank Accounts PayableAdvising FeesCashEd Major, DrawingMiscellaneous ExpenseWages Payable blank Select Select Select 14 15 blank blank blank blank blank blank 15 16 Jan 31 Accounts PayableCashEd Major, DrawingElectricity ExpenseIncome Summary blank Select Select Select 16 17 blank Accounts ReceivableAdvising FeesCashEd Major, CapitalIncome Summary blank Select Select Select 17 18 blank blank blank blank blank blank 18 19 Jan 31 Advising FeesCashEd Major, CapitalEd Major, DrawingOffice Equipment blank Select Select Select 19 20 blank Accounts PayableAdvising FeesCashEd Major, DrawingIncome Summary blank Select Select Select 20 21 blank blank blank blank blank blank 21 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 Cash 101 Bal 1,359 Accounts Receivable 122 Bal 929 Supplies 141 Bal 345 Prepaid Insurance 145 Bal 867 Office Equipment 181 Bal 3,410 Accum Depr Office Equip 181 1 Bal 213 Accounts Payable 202 Bal 1,047 Wages Payable 219 Bal 291 Ed Major, Capital 311 Closing fill in the blank 15a5f308802c027 1 Bal 4,055 Closing fill in the blank 15a5f308802c027 2 Bal fill in the blank 15a5f308802c027 3 Ed Major, Drawing 312 Bal 947 Closing fill in the blank 15a5f308802c027 4 Income Summary 313 Closing fill in the blank 15a5f308802c027 5 Closing fill in the blank 15a5f308802c027 6 Closing fill in the blank 15a5f308802c027 7 Advising Fees 401 Closing fill in the blank 15a5f308802c027 8 Bal 4,165 Wages Expense 511 Bal 744 Closing fill in the blank 15a5f308802c027 9 Advertising Expense 512 Bal 98 Closing fill in the blank 15a5f308802c027 10 Rent Expense 521 Bal 452 Closing fill in the blank 15a5f308802c027 11 Supplies Expense 524 Bal 135 Closing fill in the blank 15a5f308802c027 12 Phone Expense 525 Bal 50 Closing fill in the blank 15a5f308802c027 13 Electricity Expense 533 Bal 45 Closing fill in the blank 15a5f308802c027 14 Insurance Expense 535 Bal 96 Closing fill in the blank 15a5f308802c027 15 Gas and Oil Expense 538 Bal 55 Closing fill in the blank 15a5f308802c027 16 Depr Exp Office Equip 541 Bal 213 Closing fill in the blank 15a5f308802c027 17 Miscellaneous Expense 549 Bal 26 Closing fill in the blank 15a5f308802c027 18

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Question: Question Content Area The work sheet for Major Advising to complete this exercise is as follows. 1. Prepare the closing entries. If an amount box

Question Content Area

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

1. 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.

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.

Major Advising Work Sheet (Partial) For Month Ended January 31, 20 --
	Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit
Cash			1,359
Accounts Receivable			929
Supplies			345
Prepaid Insurance			867
Office Equipment			3,410
Accum. Depr.Office Equipment				213
Accounts Payable				1,047
Wages Payable				291
Ed Major, Capital				4,055
Ed Major, Drawing			947
Advising Fees		4,165
Wages Expense	744
Advertising Expense	98
Rent Expense	452
Supplies Expense	135
Phone Expense	50
Electricity Expense	45
Insurance Expense	96
Gas and Oil Expense	55
Depr. ExpenseOffice Equipment	213
Miscellaneous Expense	26
	1,914	4,165	7,857	5,606
Net Income	2,251			2,251
	4,165	4,165	7,857	7,857

A chart of accounts is provided below.

Chart of Accounts
Assets		Revenues
101	Cash	401	Advising Fees
122	Accounts Receivable
141	Supplies	Expenses
145	Prepaid Insurance	511	Wages Expense
181	Office Equipment	512	Advertising Expense
181.1	Accum. Depr.Office Equip.	521	Rent Expense
		524	Supplies Expense
Liabilities		525	Phone Expense
202	Accounts Payable	533	Electricity Expense
219	Wages Payable	535	Insurance Expense
		538	Gas and Oil Expense
		541	Depr. Exp.Office Equip.
Owners Equity		549	Miscellaneous Expense
311	Ed Major, Capital
312	Ed Major, Drawing
313	Income Summary

1. 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.

Page: 1
ROW NUMBER	DATE	DESCRIPTION		POST. REF.	DEBIT	CREDIT	ROW NUMBER
1	20-- Jan. 31	Advertising ExpenseAdvising FeesCashEd Major, DrawingSupplies Expense	blank	- Select -	- Select -	- Select -	1
2	blank	Accounts PayableAdvising FeesEd Major, CapitalIncome SummaryPrepaid Insurance	blank	- Select -	- Select -	- Select -	2
3	blank	blank	blank	blank	blank	blank	3
4	Jan. 31	Advertising ExpenseCashEd Major, CapitalEd Major, DrawingIncome Summary	blank	- Select -	- Select -	- Select -	4
5	blank	Accounts ReceivableAdvising FeesEd Major, CapitalWages ExpenseWages Payable	blank	- Select -	- Select -	- Select -	5
6	blank	Accounts PayableAdvertising ExpenseAdvising FeesEd Major, CapitalOffice Equipment	blank	- Select -	- Select -	- Select -	6
7	blank	Accounts ReceivableAdvising FeesCashEd Major, DrawingRent Expense	blank	- Select -	- Select -	- Select -	7
8	blank	Advising FeesEd Major, CapitalSupplies ExpenseSuppliesWages Payable	blank	- Select -	- Select -	- Select -	8
9	blank	Accounts PayableCashEd Major, CapitalEd Major, DrawingPhone Expense	blank	- Select -	- Select -	- Select -	9
10	blank	Accounts ReceivableAdvising FeesElectricity ExpenseIncome SummaryPrepaid Insurance	blank	- Select -	- Select -	- Select -	10
11	blank	Advising FeesEd Major, CapitalInsurance ExpensePrepaid InsuranceWages Payable	blank	- Select -	- Select -	- Select -	11
12	blank	Accounts PayableAdvising FeesCashEd Major, DrawingGas and Oil Expense	blank	- Select -	- Select -	- Select -	12
13	blank	Accumulated Depreciation-Office EquipmentDepreciation Expense-Office EquipmentEd Major, CapitalIncome SummaryOffice Equipment	blank	- Select -	- Select -	- Select -	13
14	blank	Accounts PayableAdvising FeesCashEd Major, DrawingMiscellaneous ExpenseWages Payable	blank	- Select -	- Select -	- Select -	14
15	blank	blank	blank	blank	blank	blank	15
16	Jan. 31	Accounts PayableCashEd Major, DrawingElectricity ExpenseIncome Summary	blank	- Select -	- Select -	- Select -	16
17	blank	Accounts ReceivableAdvising FeesCashEd Major, CapitalIncome Summary	blank	- Select -	- Select -	- Select -	17
18	blank	blank	blank	blank	blank	blank	18
19	Jan. 31	Advising FeesCashEd Major, CapitalEd Major, DrawingOffice Equipment	blank	- Select -	- Select -	- Select -	19
20	blank	Accounts PayableAdvising FeesCashEd Major, DrawingIncome Summary	blank	- Select -	- Select -	- Select -	20
21	blank	blank	blank	blank	blank	blank	21

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.

Cash			101
Bal.	1,359

Accounts Receivable			122
Bal.	929

Supplies			141
Bal.	345

Prepaid Insurance			145
Bal.	867

Office Equipment			181
Bal.	3,410

Accum. Depr.Office Equip.			181.1
		Bal.	213

Accounts Payable			202
		Bal.	1,047

Wages Payable			219
		Bal.	291

Ed Major, Capital			311
Closing	fill in the blank 15a5f308802c027_1	Bal.	4,055
		Closing	fill in the blank 15a5f308802c027_2
		Bal.	fill in the blank 15a5f308802c027_3

Ed Major, Drawing			312
Bal.	947	Closing	fill in the blank 15a5f308802c027_4

Income Summary			313
Closing	fill in the blank 15a5f308802c027_5	Closing	fill in the blank 15a5f308802c027_6
Closing	fill in the blank 15a5f308802c027_7

Advising Fees			401
Closing	fill in the blank 15a5f308802c027_8	Bal.	4,165

Wages Expense			511
Bal.	744	Closing	fill in the blank 15a5f308802c027_9

Advertising Expense			512
Bal.	98	Closing	fill in the blank 15a5f308802c027_10

Rent Expense			521
Bal.	452	Closing	fill in the blank 15a5f308802c027_11

Supplies Expense			524
Bal.	135	Closing	fill in the blank 15a5f308802c027_12

Phone Expense			525
Bal.	50	Closing	fill in the blank 15a5f308802c027_13

Electricity Expense			533
Bal.	45	Closing	fill in the blank 15a5f308802c027_14

Insurance Expense			535
Bal.	96	Closing	fill in the blank 15a5f308802c027_15

Gas and Oil Expense			538
Bal.	55	Closing	fill in the blank 15a5f308802c027_16

Depr. Exp.Office Equip.			541
Bal.	213	Closing	fill in the blank 15a5f308802c027_17

Miscellaneous Expense			549
Bal.	26	Closing	fill in the blank 15a5f308802c027_18

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