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FASTFORWARD Closing Trial Balance December 31, 2015 Cosing Trial Balance Accounts Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries Payable Unearned Consulting Revenue Common Stock Retained Earnings Totals Closing Journal Entries (Project 4) \begin{tabular}{|c|l|l|l|l|l|l|} \hline Date & Accounts & PR & \multicolumn{2}{|c|}{ Debit } & Credit \\ \hline Step 1 & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline Step 2 & \multicolumn{3}{|c|}{} & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} Instructions: 1. Start with the file you submitted for Project 3 and make corrections (as needed). 2. Complete the Closing Journal Entries 3. Complete the Closing Trial Balance 4. Use links and formulas whenever possible Closing Process Steps: 1. Close Credit Balances in Revenue Accounts to Income Summary 2. Close Debit Balances in Expense Accounts to Income Summary 3. Close Income Summary to Retained Earnings 4. Close Dividends Account to Retained Earnings Reminder: Submit a single Excel workbook. Monthly Transactions 1 Receive $30,000 cash in exchange for common stock. Purchases $2,500 of Supplies for Cash. Purchase $26,000 of Equipment for Cash Purchase $7,100 of Supplies on Account Provided $4,200 of Consulting Services for Cash. Pay $1,000 of Rent Pay Employee Salaries of $700 Provided $1,600 of Consulting and Rental Services to a Client for $300, on account Client in Transaction \#8 pays us in full Make a $900 payment on Account Pay $200 in Dividilads to Shareholders Receive $3,000 of Cash for Future Services Pay $2,400 for Insurance Coverage for the next 2 years Pay $120 in Cash for Supplies Pay $305 in Utilities Expense Pay $700 in Cash for Employee's Salary Information for End-of-Month Adjusting Journal Entries \begin{tabular}{|c|l|} A & Record 1 month of expired insurance (Paid $2,400 for 2 years of coverage). \end{tabular} B Record supplies used ($8,670 of supplies remain at month's end). C Record 1 month of equipment depreciation (Cost =$26,000; Life =5 Years; Salvage Value =$8,00. D Record $250 of earned consulting revenue that was received in advance. E Record $210 of Accrued Salary. Record $1,800 of Accrued Consulting Revenue