- Closing Entries And Post Closing Trial Balance Refer To The Work Sheet Below For Megaffin S Repairs To Complete This Pro 1 (95.27 KiB) Viewed 32 times
Repair feesAccounts PayableAccumulated Depreciation-Delivery
EquipmentCashWages Expense
Accounts PayableAccounts ReceivableDepreciation Expense-Delivery
EquipmentDon Megaffin, CapitalWages Payable
Wages PayableDon Megaffin, CapitalPhone ExpenseSuppliesSupplies
Expense
Accounts PayableInsurance ExpenseDon Megaffin, DrawingPrepaid
InsuranceRent Expense
Advertising ExpenseCashDelivery EquipmentDon Megaffin,
CapitalDon Megaffn, DrawingWages Payable
Accounts ReceivableDepreciation Expense-Delivery
EquipmentAccounts PayableAccumulated Depreciation-Delivery
EquipmentRepair Fees
Accounts ReceivableAccounts PayableCashDelivery
EquipmentSupplies
Accounts ReceivableDelivery EquipmentPrepaid InsuranceRepair
FeesSuppliesWages Payable
Accounts ReceivableCashDelivery EquipmentDon Megaffin,
DrawingDon Megaffin, CapitalPrepaid Insurance
Closing Entries and Post-Closing Trial Balance Refer to the work sheet below for Megaffin's Repairs to complete this problem. Megaffin's Repairs Work Sheet For Month Ended January 31, 20- Trial Balance Adjustments Adjusted Trial Balance Account Title Debit Credit Debit Credit Debit Credit Income Statement Balance Sheet Debit Credit Debit Credit Cash 3,668 3,668 3,668 Accounts Receivable 1,442 1,442 1,442 700 297 403 403 Supplies Prepaid Insurance 897 220 677 677 Delivery Equipment 3,205 3,205 3,205 - 51 51 51 Accumulated Depreciation - Delivery Equipment Accounts Payable 1,187 1,187 1,187 Wages Payable 391 391 391 8,016 8,016 8,016 Don Megaffn, Capital Don Megaffn, Drawing Repair Fees 1,117 1,117 1,117 4,695 4,695 4,695 1,740 391 2,131 2,131 Wages Expense Advertising Expense 203 203 203 644 644 644 297 297 297 53 53 53 Rent Expense Supplies Expense Phone Expense Insurance Expense Gas and Oil Expense Depreciation Expense - Delivery Equipment Miscellaneous Expense 220 220 220 193 193 193 51 51 51 36 36 36 13,898 13,898 959 959 14,340 14,340 3,828 4,695 10,512 9,645 Net Income 867 867 4,695 4,695 10,512 10,512 1. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank or enter "O". Do not enter the posting references until you complete part 3.
GENERAL JOURNAL PAGE 10 DATE DESCRIPTION POST. REF. DEBIT CREDIT Adjusting Entries 20-- Jan. 31 Jan. 31 Jan. 31 Jan. 31
2. Journalize the closing entries. If an amount box does not require an entry, leave it blank or enter "O". Do not enter the posting references until you complete part 3. GENERAL JOURNAL PAGE 11 DATE DESCRIPTION POST. REF. DEBIT CREDIT Closing Entries 20-- Jan. 31 Jan. 31 Jan. 31 Jan. 31 3. The trial balance amounts (before adjustments) have been entered in the ledger accounts. Post the adjusting entries and then the closing entries in the ledger accounts. Next, complete the posting in parts 1 and 2. If an amount box does not require an entry, leave it blank or enter "O". If more than one entry occurs on a single date, enter in the order given in the journals above. A chart of accounts is provided below. Megaffin's Repairs Chart of Accounts Assets Revenues 101 Cash 401 Repair Fees 122 Accounts Receivable 141 Supplies 145 Prepaid Insurance 185 Delivery Equipment Expenses 511 Wages Expense 512 Advertising Expense
185.1 Accum. Depr.--Delivery Equip. 521 Rent Expense 523 Supplies Expense Liabilities 525 Phone Expense 202 Accounts Payable 219 Wages Payable 535 Insurance Expense 538 Gas and Oil Expense 541 Depr. Exp.-Delivery Equip. 549 Miscellaneous Expense Owner's Equity 311 Don Megaffin, Capital 312 Don Megaffin, Drawing 313 Income Summary GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance ✓ 3,668 ACCOUNT Accounts Receivable ACCOUNT NO. 122 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 1,442 ACCOUNT Supplies ACCOUNT NO. 141 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 700 Jan. 31 J10
ACCOUNT Prepaid Insurance ACCOUNT NO. 145 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 897 Jan. 31 J10 ACCOUNT Delivery Equipment ACCOUNT NO. 185 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance ✓ ACCOUNT Accumulated Depreciation-Delivery Equipment ACCOUNT NO. 185.1 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Adjusting J10 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance 1,187 ACCOUNT Wages Payable ACCOUNT NO. 219 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Adjusting J10
ACCOUNT Don Megaffin, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance ✓ 8,016 Jan. 31 J11 Jan. 31 J11 ACCOUNT Don Megaffin, Drawing ACCOUNT NO. 312 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 1,117 Jan. 31 J11 ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 J11 Jan. 31 Closing Closing Closing J11 Jan. 31 J11 ACCOUNT Repair Fees ACCOUNT NO. 401 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 4,695 Jan. 31 J11
ACCOUNT Wages Expense ACCOUNT NO. 511 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 1,740 Jan. 31 J10 Jan. 31 J11 ACCOUNT Advertising Expense ACCOUNT NO. 512 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance ✓ 203 Jan. 31 J11 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance 644 Jan. 31 J11 ACCOUNT Supplies Expense ACCOUNT NO. 523 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 J10 Jan. 31 J11
ACCOUNT Phone Expense ACCOUNT NO. 525 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance V 53 Jan. 31 J11 ACCOUNT Insurance Expense ACCOUNT NO. 535 BALANCE DEBIT CREDIT DATE ITEM POST. REF. DEBIT CREDIT 20-- Jan. 31 J10 Jan. 31 J11 ACCOUNT Gas and Oil Expense ACCOUNT NO. 538 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance ✓ 193 Jan. 31 J11 ACCOUNT Depreciation Expense-Delivery Equipment ACCOUNT NO. 541 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 J10 Jan. 31 J11 ACCOUNT Miscellaneous Expense ACCOUNT NO. 549 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 31 Balance 36 Jan. 31 111