Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 20,800     Retained Earnings   20,800 Date Accounts Debit Credit Dec. 31 Retained Earnings 9,590     Salaries Expense   6,600   Depreciation Expense - Furniture   200   Insurance Expense   450   Utilities Expense   230   Rent Expense   2,000   Supplies Expense   110 Date Accounts Debit Credit Dec. 31 Retained Earnings 4,200     Dividends   4,200 Retained Earnings Account No. 315 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Dividends Account No. 320 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 30 Paid cash dividends J1 4,200     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Service Revenue Account No.410 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 12 Performed services for cash J1   2,600   Dec. 15 Performed services on account J1   3,000   Dec. 20 Performed services for cash J1   12,900   Dec. 28 Performed services on account J1   600   Dec. 31 Adjusting Entry J1   600   Dec. 31 Adjusting Entry J1   1,100   Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Depreciation Expense - Furniture Account No. 510 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 31 Adjusting Entry J1 200     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Insurance Expense Account No. 520 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 31 Adjusting Entry J1 450     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Rent Expense Account No. 540 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 28 Paid December Rent J1 2,000     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Salaries Expense Account No. 545 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec.18 Paid Salaries J1 2,000     Dec. 31 Adjusting Entry J1 4,600     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Supplies Expense Account No. 550 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 31 Adjusting Entry J1 110     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1       Utilities Expense Account No. 555 Date Explanation Ref. Debit Credit Balance   Beg. Balance       0 Dec. 27 Paid utility bill on account J1 230     Bal.Dec. 1Dec. 15Dec. 31 Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues J1

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 4AP
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Question

Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side.

the normal balance side.

Date Accounts Debit Credit
Dec. 31 Service Revenue 20,800  
 
Retained Earnings
  20,800
Date Accounts Debit Credit
Dec. 31 Retained Earnings 9,590  
 
Salaries Expense
  6,600
 
Depreciation Expense - Furniture
  200
 
Insurance Expense
  450
 
Utilities Expense
  230
 
Rent Expense
  2,000
 
Supplies Expense
  110
Date Accounts Debit Credit
Dec. 31 Retained Earnings 4,200  
 
Dividends
  4,200
Retained Earnings
Account No. 315
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Dividends
Account No. 320
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 30
Paid cash dividends
J1
4,200
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Service Revenue
Account No.410
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 12
Performed services for cash
J1
 
2,600
 
Dec. 15
Performed services on account
J1
 
3,000
 
Dec. 20
Performed services for cash
J1
 
12,900
 
Dec. 28
Performed services on account
J1
 
600
 
Dec. 31
Adjusting Entry
J1
 
600
 
Dec. 31
Adjusting Entry
J1
 
1,100
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Depreciation Expense - Furniture
Account No. 510
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 31
Adjusting Entry
J1
200
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Insurance Expense
Account No. 520
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 31
Adjusting Entry
J1
450
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Rent Expense
Account No. 540
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 28
Paid December Rent
J1
2,000
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Salaries Expense
Account No. 545
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec.18
Paid Salaries
J1
2,000
 
 
Dec. 31
Adjusting Entry
J1
4,600
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Supplies Expense
Account No. 550
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 31
Adjusting Entry
J1
110
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
Utilities Expense
Account No. 555
Date
Explanation
Ref.
Debit
Credit
Balance
 
Beg. Balance
 
 
 
0
Dec. 27
Paid utility bill on account
J1
230
 
 
Bal.Dec. 1Dec. 15Dec. 31
Adjusting EntryBeginning Balance EntryClose DividendsClose ExpensesClose Revenues
J1
     
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