Using this information could you prepare the closing entry chart for the business that consists of date,
Fantastic news! We've Found the answer you've been seeking!
Question:
Using this information could you prepare the closing entry chart for the business that consists of date, particulars, Credit and debit
GENERAL JOURNAL | ||||
Date | Particulars | PR | Debits | Credits |
Jan 1 | Bank | 100,000 | ||
Bank loan | 96,000 | |||
Bank charges expense | 4,000 | |||
Bank advices #1 | ||||
Jan 2 | Bank | $50,000 | ||
Agamjot Dhillon, Capital | 50,000 | |||
Cheque copy #2 | ||||
Feb 3 | Equipment | $30,000 | ||
Bank | 30,000 | |||
Purchase invoices #3 | ||||
Mar 4 | Bank | $5,000 | ||
A/R - R Brown | 5,000 | |||
Sales invoice #4 | ||||
Apr 5 | Bank | $3,000 | ||
Fees earned | 3,000 | |||
Cash sales slip #5 | ||||
May 6 | Supplies | $1,070 | ||
Bank | 1,070 | |||
Purchase invoices #6 | ||||
Jun 7 | Bank | $2,000 | ||
A/R - R Brown | 2,000 | |||
Fees earned | 4,000 | |||
Sales invoice #7 |
Jul 9 | Utilities expense | $300 | ||
Bank | 300 | |||
Cheque copy #8 | ||||
Jul 10 | Bank | $5,000 | ||
A/R - R Brown | 5,000 | |||
Cash receipts daily summary #9 | ||||
Seo 1 | Vehicle | $26,750 | ||
Bank | 26,750 | |||
Purchase invoices #10 | ||||
Sep 12 | Advertising Expense | $2,140 | ||
Bank | 2,140 | |||
Cheque copy #11 | ||||
Oct 13 | Bank | $40,000 | ||
Equipment | 30,000 | |||
Fees earned | 10,000 | |||
Sales invoice #12 | ||||
Nov 1 | Prepaid insurance | $1,200 | ||
Bank | 1,200 | |||
Purchase invoices #13 | ||||
Dec 15 | Wages expense | $7,500 | ||
Bank | 7.500 | |||
Cheque copy #14 | ||||
Dec 31 | Bank | $5,000 | ||
Agamjot Dhillon, Capital | 5,000 | |||
Cheque copy #15 |
Agamjot Dhillon, Drawings | $5,000 | |||
Bank | 5,000 | |||
Cheque copy #16 | ||||
Bank | $12,500 | |||
Bank loan | 10,000 | |||
Bank charges expense | 2,500 | |||
Cheque copy #17 |
PremierAutomotives | ||
Trial Balance | ||
December 31, 2022 | ||
Accounts | DEBITS | CREDITS |
Assets | ||
Bank | $303,218.78 | |
A/R - R Brown | 10,460.18 | |
Prepaid Insurance | 5,000 | |
Supplies | 31,570 | |
Equipment | 116,548.67 | |
Accumulated depreciation- Equipment | 15,000 | |
Vehicle | 83,692.47 | |
Accumulated depreciation- Vehicle | 5,000 | |
Liabilities | ||
A/P - C James | $65,000 | |
Bank Loan | 196,000 | |
HST payable | 3,090 | |
HST recoverable | 7,829.48 | |
Equity | ||
Agmajot Dhillon, Capital | $268,000 | |
Agamjot Dhillon, Drawings | 5,000 | |
Revenue/Expense | ||
Fees earned | $57,520 | |
Advertising Expense | 4,089.38 | |
Utilities Expense | 760 | |
Depreciation Expense | 500 | |
Insurance Expense | 500 | |
Bank Charges | 4,100 | |
Purchases | 10,000 | |
Supplies Expense | 1,000 | |
Wages Expense | 11,000 | |
602,439.48 | 602,439.48 | |
Premier Automotives | ||
INCOME STATEMENT | ||
For the year ended December 31 2022 | ||
Revenue | ||
Fees earned | $57,520 | |
Total Revenue | $57,520 | |
Expenses | ||
Advertising Expense | $4,089.38 | |
Utilities Expense | 760 | |
Depreciation Expense | 500 | |
Insurance expense | 500 | |
Bank Charges | 4,100 | |
Purchases | 10,000 | |
Supplies Expense | 1,000 | |
Wages Expense | 12,000 | |
Total Expense | $31,949.38 | |
Net income | $25,570.62 |
Using this information could you prepare the closing entry chart for the business that consists of date, particulars, Credit and debit
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date: