Record journal entry for step 1 of the closing process. BE SURE TO USE THE CORRECT ACCOUNT
Question:
- Record journal entry for step 1 of the closing process. BE SURE TO USE THE CORRECT ACCOUNT NAMES EXACTLY AS SHOWN IN THE ADJUSTED TRIAL BALANCE. DO NOT INCLUDE THE $ (DOLLAR) SIGN WHEN TYPING IN THE AMOUNT.
Step 1
Date | Account Tittle | Debit | Credit |
| 1. | 2. $ | |
| 3. | | 4.$ |
2. Record journal entry for step 4 of the closing process.
Step 2
Date | Account Tittle | Debit | Credit |
x | 5 | 6 | |
x | 7 | | 8$ |
x | 9 | | 10$ |
x | 11 | | 12$ |
x | 13. | | 14$ |
x | 15 | | 16.$ |
X | 17 | | 18$ |
Step 3
Date | Account Tittle | Debit | Credit |
| 19. | 20. $ | |
| 21. | | 22.$ |
Step 4
Date | Account Tittle | Debit | Credit |
| 23. | 24. $ | |
| 25. | | 26.$ |
Gray Electronic Repair Services
Adjusted Trial Balance
December 31, 2021
Account Title Debit Credit
Cash $ 7,480.00
Accounts Receivable 3,700.00
Service Supplies 600.00
Furniture and Fixtures 3,000.00
Service Equipment 16,000.00
Accumulated Depreciation $ 720.00
Accounts Payable 9,000.00
Utilities Payable 1,800.00
Loans Payable 12,000.00
Mr. Gray, Capital 13,200.00
Mr. Gray, Drawing 7,000.00
Service Revenue 9,850.00
Rent Expense 1,500.00
Salaries Expense 3,500.00
Taxes and Licenses 370.00
Utilities Expense 1,800.00
Service Supplies Expense 900.00
Depreciation Expense 720.00
Totals $ 46,570.00 $ 46,570.00
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas