ACC120 Final: ACC120 Problems 4 D
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Adjusted Trial Balance | ||||||
For the Month Ended June 30, 2014 | ||||||
Adjusted Trial Balance | ||||||
Account Titles | Debits | Credits | ||||
Cash | 3.712 | |||||
Accounts Receivable | 3.904 | |||||
Supplies | 480 | (b) | ||||
Accounts Payable | 1.556 | Net Income: | ||||
Unearned Service Revenue | 160 | |||||
Common Stock | 4.000 | |||||
Retained Earnings | 1.760 | |||||
Dividends | 600 | |||||
Service Revenue | 4.300 | |||||
Salaries and Wages Expense | 1.344 | Retained earnings: | ||||
Miscellaneous Expense | 180 | |||||
Supplies Expense | 1.900 | |||||
Salaries and Wages Payable | 344 | |||||
12.120 | 12.120 | |||||
Instructions | ||||||
(a) | Prepare a classified balance sheet at June 30, 2014. | |||||
(b) | Hint: find net income and update retained earnings |
Debit Credit
Cash $4,400
Accounts Receivable 4,500
Office Supplies 2,700
Prepaid Insurance 1,900
Land 13,200
Building 77,000
Accumulated DepreciationâBuilding $25,500
Accounts Payable 19,400
Interest Payable 8,000
Salaries Payable 2,200
Unearned Revenue 7,100
Notes Payable (long-term) 37,000
Estrada, Capital 40,000
Estrada, Withdrawals 27,500
Service Revenue 48,300
Insurance Expense 5,000
Salaries Expense 32,900
Supplies Expense 900
Interest Expense 8,000
Utilities Expense 1,800
Depreciation ExpenseâBuilding 7,700
Total $187,500 $187,500
QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)
Start by closing revenues.
DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
JUN. 30 | ? | ? | ? |
CLOS. (1) | ? | ? | ? |
? | ? | ? | |
? | ? | ? | |
? |
Close expenses for the period.
DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
JUN. 30 | ? | ? | ? |
CLOS. (2) | ? | ? | ? |
? | ? | ? | |
? | ? | ? | |
? |
Close Income Summary.
DATE | ACCOUNTS AND EXPLANATION | DEBIT | CREDIT |
JUN. 30 | ? | ? | ? |
CLOS. (3) | ? | ? | ? |
? | ? | ? | |
? | ? | ? | |
? |