PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close thebooks:Adjusted Trial BalanceDebitCreditCash$ 38,750Prepaid InsuranceEquipmentNotes PayableCommon Stock4,50035,000$ 32,00010,000Retained Earnings17,325Dividends22.000Sales Revenue200,000Automobile ExpenseInsurance Expense24,57518,000110,0006,500$259,325Salaries ExpenseSupplies Expense$259,325

A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.
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