I workshee Adjusted Trial Balance IncomeBalance Sheet Cash 91,600 11,200 4,400 1
ID: 2328475 • Letter: I
Question
I workshee Adjusted Trial Balance IncomeBalance Sheet Cash 91,600 11,200 4,400 17,600 40,000 91,600 11,200 (a) 1,600 2,800 (b) 2,200 15,400 40,000 91, 600 11,200 2, 800 15, 400 40,000 Receivable Supplies Prepaid Equipment ated Depreciation 1, 600 11, 200 124,000 1, 600 11,200 124,000 (c) 1,600 ts Payable 11,200 124,000 2,600 7,600 52,200 52, 200 52,200 (a)1, 600 (b) 2,200 1,600 2,200 , 600 13, 600 2,200 Depreciati0 (c)1, 600 1, 600 13, 600 ,400 Equapment 87-400 187.400.400 S, 400189,000189.00020,400 52,200 169,600 136, 800 31, 800Explanation / Answer
1 Adjusting entries in the general journal 31-Dec-19 Supplies Expenses $1,600 Supplies $1,600 31-Dec-19 Advertising Expenses $2,200 Prepaid Advertising $2,200 31-Dec-19 Depreciation Expense-Equipment $1,600 Accumulated Depreciation-Equipment $1,600 2 Closing Entries in the general journal 31-Dec-19 Fees Income $52,200 Income Summary $52,200 (To record the closing entry for revenue) 31-Dec-19 Income Summary $20,400 Supplies Expenses $1,600 Advertising Expenses $2,200 Depreciation Expense-Equipment $1,600 Salaries Expenses $13,600 Utilities Expenses $1,400 (to record the closing entry for expenses) 31-Dec-19 Income Summary $31,800 Retained Earnings $31,800 (To record the closing entry for balance of income summary) 31-Dec-19 Devla King, Capital $7,600 Delva King, Drawing $7,600 (To record the closing entry for drawing account) 3 Post the adjusting and closing entries to general ledger account Supplies Account No. 121 Date Debit Credit Balance 31-Dec-19 $4,400 31-Dec-19 $1,600 31-Dec-19 $2,800 Prepaid Advertising Account No. 131 Date Debit Credit Balance 31-Dec-19 $17,600 31-Dec-19 $2,200 31-Dec-19 $15,400 Accumulated Depreciation-Equipment Account No. 142 Date Debit Credit Balance 31-Dec-19 31-Dec-19 $1,600 31-Dec-19 $1,600 Devla King, Capital Account No. 301 Date Debit Credit Balance 31-Dec-19 $124,000 31-Dec-19 $7,600 31-Dec-19 $116,400 Devla King, Drawing Account No. 302 Date Debit Credit Balance 31-Dec-19 $7,600 31-Dec-19 $7,600 31-Dec-19 $0 Income Summary Account No. 309 Date Debit Credit Balance 31-Dec-19 $52,200 31-Dec-19 $20,400 31-Dec-19 $31,800 31-Dec-19 $0 4 Post Closing Trail Balance Account Name Debit Credit Cash $91,600 Accounts Receivable $11,200 Supplies $2,800 Prepaid Advertising $15,400 Equipment $40,000 Accumulated Depreciation-Equipment $1,600 Accounts Payable $11,200 Devla King, Capital $116,400 Retained Earning $31,800 Total $161,000 $161,000 Analysis Adjusted Trial Balance 15 accounts Post closing trial balance 9 accounts