Required: 1. Journalize (page 10) and post the adjusting entries. 2. Journalize (page 11) and post...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required: 1. Journalize (page 10) and post the adjusting entries. 2. Journalize (page 11) and post the closing entries. 20-- DATE Jan. 31 GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT Adjusting Entries Supplies used Jan. 31 Insurance used Jan. 31 Wages accrued Jan. 31 Depreciation PAGE 10 CREDIT GENERAL JOURNAL DATE DESCRIPTION Closing Entries 20-- Jan. 31 Jan. 31 Jan. 31 Jan. 31 PAGE 11 POST. REF. DEBIT CREDIT ACCOUNT GENERAL LEDGER Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 ACCOUNT 20-- Jan. 31 DATE Balance ITEM 3,673.00 Accounts Receivable ACCOUNT NO. 122 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Balance V 1,450.00 ACCOUNT GENERAL LEDGER Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 20-- ACCOUNT Jan. 31 Balance DATE ITEM ACCOUNT Balance DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT 20-- Jan. 31 DATE ITEM ACCOUNT Balance 3,673.00 Accounts Receivable ACCOUNT NO. 122 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 1,450.00 Supplies ACCOUNT NO. 141 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 700.00 Prepaid Insurance ACCOUNT NO. 145 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 900.00 Delivery Equipment ACCOUNT NO. 185 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Accumulated Depreciation-Delivery Equipment DATE ITEM 20-- Jan. 31 POST. REF. 3,200.00 ACCOUNT NO. 185.1 BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 ACCOUNT Balance DATE ITEM 20-- Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 Jan. 31 ACCOUNT 1,200 Wages Payable ACCOUNT NO. 219 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Don Megaffin, Capital ACCOUNT NO. 311 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 8,000.00 Don Megaffin, Drawing ACCOUNT NO. 312 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 Jan. 31 1,100.00 Income Summary ACCOUNT NO. 313 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT Repair Fees ACCOUNT NO. 401 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 4,700.00 Wages Expense ACCOUNT NO. 511 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 Jan. 31 ACCOUNT 1,750.00 Advertising Expense ACCOUNT NO. 512 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 ACCOUNT DATE ITEM | 20- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 200.00 Rent Expense ACCOUNT NO. 521 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 640.00 Supplies Expense ACCOUNT NO. 523 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 50.00 Insurance Expense ACCOUNT NO. 535 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Gas and Oil Expense ACCOUNT NO. 538 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Depreciation Expense-Delivery Equipment DATE ITEM 20-- Jan. 31 Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 POST. REF. 200.00 ACCOUNT NO. 541 BALANCE DEBIT CREDIT DEBIT CREDIT Miscellaneous Expense ACCOUNT NO. 549 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 37.00 3. Prepare a post-closing trial balance. Account Megaffin's Repairs Post-Closing Trial Balance January 31, 20-- Acct. No. Debit Balance Credit Balance Cash 101 Accounts Receivable 122 Supplies 141 Prepaid Insurance 145 Delivery Equipment 185 Accumulated Depreciation-Delivery Equipment 185.1 Accounts Payable 202 Wages Payable 219 Don Megaffin, Capital 311 Closing Entries and Post-Closing Trial Balance A work sheet for Megaffin's Repairs for the month ended January 31, 20-- is shown. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Account Title Debit Credit Debit Credit Adjusted Trial Balance Debit Income Statement Balance Sheet Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance 3,673.00 3,673.00 3,673.00 1,450.00 1,450.00 1,450.00 700.00 300.00 400.00 900.00 230.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 670.00 3,200.00 55.00 55.00 400.00 670.00 3,200.00 55.00 Accounts Payable Wages Payable 1,200.00 1,200.00 1,200.00 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megaffin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Oil Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 3,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00 Required: 1. Journalize (page 10) and post the adjusting entries. 2. Journalize (page 11) and post the closing entries. 20-- DATE Jan. 31 GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT Adjusting Entries Supplies used Jan. 31 Insurance used Jan. 31 Wages accrued Jan. 31 Depreciation PAGE 10 CREDIT GENERAL JOURNAL DATE DESCRIPTION Closing Entries 20-- Jan. 31 Jan. 31 Jan. 31 Jan. 31 PAGE 11 POST. REF. DEBIT CREDIT ACCOUNT GENERAL LEDGER Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 ACCOUNT 20-- Jan. 31 DATE Balance ITEM 3,673.00 Accounts Receivable ACCOUNT NO. 122 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Balance V 1,450.00 ACCOUNT GENERAL LEDGER Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 20-- ACCOUNT Jan. 31 Balance DATE ITEM ACCOUNT Balance DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT 20-- Jan. 31 DATE ITEM ACCOUNT Balance 3,673.00 Accounts Receivable ACCOUNT NO. 122 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 1,450.00 Supplies ACCOUNT NO. 141 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 700.00 Prepaid Insurance ACCOUNT NO. 145 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 900.00 Delivery Equipment ACCOUNT NO. 185 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Accumulated Depreciation-Delivery Equipment DATE ITEM 20-- Jan. 31 POST. REF. 3,200.00 ACCOUNT NO. 185.1 BALANCE DEBIT CREDIT DEBIT CREDIT ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 ACCOUNT Balance DATE ITEM 20-- Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 Jan. 31 ACCOUNT 1,200 Wages Payable ACCOUNT NO. 219 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Don Megaffin, Capital ACCOUNT NO. 311 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 8,000.00 Don Megaffin, Drawing ACCOUNT NO. 312 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 Jan. 31 1,100.00 Income Summary ACCOUNT NO. 313 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT Repair Fees ACCOUNT NO. 401 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 4,700.00 Wages Expense ACCOUNT NO. 511 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 Jan. 31 ACCOUNT 1,750.00 Advertising Expense ACCOUNT NO. 512 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT DATE ITEM 20-- Jan. 31 Balance V Jan. 31 ACCOUNT DATE ITEM | 20- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 200.00 Rent Expense ACCOUNT NO. 521 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 640.00 Supplies Expense ACCOUNT NO. 523 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 50.00 Insurance Expense ACCOUNT NO. 535 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Gas and Oil Expense ACCOUNT NO. 538 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT Depreciation Expense-Delivery Equipment DATE ITEM 20-- Jan. 31 Jan. 31 ACCOUNT DATE ITEM 20-- Jan. 31 Balance Jan. 31 POST. REF. 200.00 ACCOUNT NO. 541 BALANCE DEBIT CREDIT DEBIT CREDIT Miscellaneous Expense ACCOUNT NO. 549 BALANCE POST. REF. DEBIT CREDIT DEBIT CREDIT 37.00 3. Prepare a post-closing trial balance. Account Megaffin's Repairs Post-Closing Trial Balance January 31, 20-- Acct. No. Debit Balance Credit Balance Cash 101 Accounts Receivable 122 Supplies 141 Prepaid Insurance 145 Delivery Equipment 185 Accumulated Depreciation-Delivery Equipment 185.1 Accounts Payable 202 Wages Payable 219 Don Megaffin, Capital 311 Closing Entries and Post-Closing Trial Balance A work sheet for Megaffin's Repairs for the month ended January 31, 20-- is shown. Megaffin's Repairs Work Sheet For Month Ended January 31, 20-- Trial Balance Adjustments Account Title Debit Credit Debit Credit Adjusted Trial Balance Debit Income Statement Balance Sheet Credit Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance 3,673.00 3,673.00 3,673.00 1,450.00 1,450.00 1,450.00 700.00 300.00 400.00 900.00 230.00 Delivery Equipment Accumulated Depreciation-Delivery Equipment 3,200.00 670.00 3,200.00 55.00 55.00 400.00 670.00 3,200.00 55.00 Accounts Payable Wages Payable 1,200.00 1,200.00 1,200.00 400.00 400.00 400.00 Don Megaffin, Capital 8,000.00 8,000.00 8,000.00 Don Megaffin, Drawing 1,100.00 1,100.00 1,100.00 Repair Fees 4,700.00 4,700.00 4,700.00 Wages Expense 1,750.00 400.00 2,150.00 2,150.00 Advertising Expense 200.00 200.00 200.00 Rent Expense 640.00 640.00 640.00 Supplies Expense 300.00 300.00 300.00 Phone Expense 50.00 50.00 50.00 Insurance Expense 230.00 230.00 230.00 Gas and Oil Expense 200.00 200.00 200.00 Depreciation Expense-Delivery Equipment 55.00 55.00 55.00 Miscellaneous Expense 37.00 37.00 37.00 13,900.00 13,900.00 985.00 985.00 14,355.00 14,355.00 3,862.00 4,700.00 10,493.00 9,655.00 Net Income 838.00 838.00 4,700.00 4,700.00 10,493.00 10,493.00
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Aztec Co. has just purchased some equipment and arranged to rent it out for $ 2 mil a year over five years Aztec also finances by issuing a packaging of one year zero coupon bond and four year bond...
-
For each of the following oversights, indicate whether total assets will be understated, overstated, or not affected. a. Failing to record income earned but not yet received b . Failing to record...
-
An investor believes that there will be a small change in a stock price but she is unsure of whether it will be a small drop or a small increase. A call with a strike price of $50 costs $6. A put...
-
Quiz# 5 (Q) The following are estimates for four risk assets (A,B,C,D). The portfolio P is an equal weighted portfolio of the four risk assets. Stock A Stock B Stock C Stock D Portfolio P weight 0.25...
-
Why is the measure of the balanceofpayments deficit or surplus not strictly appropriate under a flexible exchange rate?
-
The following method was proposed to estimate the number of people over the age of 50 who reside in a town of known population 100,000: As you walk along the streets, keep a running count of the...
-
An effective way to learn how companies respond to the competing pressures to be globally integrated and locally responsive is to study them in action. Referring back to Exhibit 6.3, search online...
-
Sasina Corporation has $8,000,000 of 9.5 percent, 25-year bonds dated May 1, 2014, with interest payable on April 30 and October 31. The companys fiscal year ends on December 31, and it uses the...
-
Transform following Relational model into ER Model. id Author writes authorid bookid Book bookid title edition libid memberld name dob AuthorContact id contact publishes Library id bid date id...
-
Given two arrays each of length n, arr1, and arr2, in one operation, any two elements of an array can be swapped. This can occur any number of times. Find the maximum possible sum of i*(arr2[1]-...
-
Sandra Jones intends to retire in 20 years at the age of 65. As yet, she has not provided for retirement income, and she wants to set up a periodic savings plan to do this. She has the opportunity to...
-
Using calculations based on a periodic inventory system, determine the inventory balance Altira would report in its August 31, 2024, balance sheet and the cost of goods sold it would report in its...
-
One ZIP file needs to submit to D2L with the following naming convention CPRG251_A1_Firstname_Lastname.zip using your first and last name. If working in a group of two (2), only one team member needs...
-
Chris of lisas bakery, estimates the sale of 180 cookies and the production of 240 cookies for January. Each cookie requires 10 grams of flour and costs .30 per gram. the budgeted ending flour...
-
USING JAVASCRIPT PLEASE HELP WITH CODE BELOW OUTPUT HAS TO DISPLAY IN CONSOLE .JS Instructions: Your assessment will be tested using Visual Studio Code. In addition to implementing the required...
-
Rose Parade floats travel down the 9.5-mile-long parade route at a rate of 2.5 mph. How long will it take a float to complete the route if there are no delays?
-
A balanced three-phase A Y supply delivers power through a three-phase wire in an industrial factory to a three-phase A - Y load. The power system circuit operates at 100 Hz to operates the...
-
Use a calculator to evaluate the expression. Round your result to the nearest thousandth. V (32 + #)
-
This exercise is an extension of Exercise 2-3A. Assume John Sullivan completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the...
-
The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales ........................ $120,000 Sales returns and allowances...
-
Lundberg Company had the following trial balance columns on its work sheet: .:. Data for adjusting the accounts are as follows: (a) Factory overhead to be applied to work in process ending inventory...
-
If average productivity falls, will marginal cost necessarily rise? How about average cost?
-
Say that a firm has fixed costs of $100 and constant average variable costs of $25. a. Show AFC, VC, AVC, and MC in a table. b. Graph the AFC, ATC, AVC, and MC curves. c. Explain why the curves have...
-
An economic consultant is presented with the following total product table and asked to derive a table for average variable costs. The price of labor is $10 per hour. a. Help him do so. b. Show that...
Study smarter with the SolutionInn App