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The work sheet for Major Advising to complete this exercise is
as follows.
1. Prepare the closing entries. If an amount
box does not require an entry, leave it blank. Do not enter the
posting references until you complete part 2.
2. Post the closing entries to the T accounts.
If there is more than one closing entry for an account, enter in
the order given in the journal. Then complete the posting in part
1.
A chart of accounts is provided below.
1. Prepare the closing entries. If an amount
box does not require an entry, leave it blank. Do not enter the
posting references until you complete part 2.
Advertising ExpenseAdvising FeesCashEd Major, DrawingSupplies
Expense
Accounts PayableAdvising FeesEd Major, CapitalIncome
SummaryPrepaid Insurance
Advertising ExpenseCashEd Major, CapitalEd Major, DrawingIncome
Summary
Accounts ReceivableAdvising FeesEd Major, CapitalWages
ExpenseWages Payable
Accounts PayableAdvertising ExpenseAdvising FeesEd Major,
CapitalOffice Equipment
Accounts ReceivableAdvising FeesCashEd Major, DrawingRent
Expense
Advising FeesEd Major, CapitalSupplies ExpenseSuppliesWages
Payable
Accounts PayableCashEd Major, CapitalEd Major, DrawingPhone
Expense
Accounts ReceivableAdvising FeesElectricity ExpenseIncome
SummaryPrepaid Insurance
Advising FeesEd Major, CapitalInsurance ExpensePrepaid
InsuranceWages Payable
Accounts PayableAdvising FeesCashEd Major, DrawingGas and Oil
Expense
Accumulated Depreciation-Office EquipmentDepreciation
Expense-Office EquipmentEd Major, CapitalIncome SummaryOffice
Equipment
Accounts PayableAdvising FeesCashEd Major, DrawingMiscellaneous
ExpenseWages Payable
Accounts PayableCashEd Major, DrawingElectricity ExpenseIncome
Summary
Accounts ReceivableAdvising FeesCashEd Major, CapitalIncome
Summary
Advising FeesCashEd Major, CapitalEd Major, DrawingOffice
Equipment
Accounts PayableAdvising FeesCashEd Major, DrawingIncome
Summary
2. Post the closing entries to the T accounts.
If there is more than one closing entry for an account, enter in
the order given in the journal. Then complete the posting in part
1.