AFA 100 Lecture Notes - Lecture 16: Retained Earnings, Income Statement, Current Liability
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12 Feb 2016
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Explain the closing entry process and prepare the closingentries in journal form based on the information
POSTCOMPANY | ||
ADJUSTEDTRIAL BALANCE | ||
Debit | Credit | |
Cash | 80,000 | |
Accounts Receivable | 11,100 | |
Prepaid Insurance | 1,500 | |
Equipment | 10,000 | |
Accumulated Depreciation | 4,000 | |
Supplies | 500 | |
Accounts Payable | 2,900 | |
Wages Payable | 300 | |
Unearned Revenue | 1,500 | |
Contributed Capital | 80,000 | |
Retained Earnings | 0 | |
Sales | 17,000 | |
Gas Expense | 400 | |
Supply Expense | 400 | |
Insurance Expense | 200 | |
Depreciation Expense | 200 | |
Wage Expense | 400 | |
Dividends | 1,000 | |
99,700 | 99,700 |
POST COMPANY | ||
ADJUSTED TRIAL BALANCE | ||
Debit | Credit | |
Cash | 80,000 | |
Accounts Receivable | 11,100 | |
Prepaid Insurance | 1,500 | |
Equipment | 10,000 | |
Accumulated Depreciation | 4,000 | |
Supplies | 500 | |
Accounts Payable | 2,900 | |
Wages Payable | 300 | |
Unearned Revenue | 1,500 | |
Contributed Capital | 80,000 | |
Retained Earnings | 0 | |
Sales | 17,000 | |
Gas Expense | 400 | |
Supply Expense | 400 | |
Insurance Expense | 200 | |
Depreciation Expense | 200 | |
Wage Expense | 400 | |
Dividends | 1,000 | |
99,700 | 99,700 |
Explain the closing entry process and prepare the closingentries in journal form based on the information in question 3.