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
| 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
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