Question # 06Progressive EnterpriseTrial BalanceAs at 30th June, 2021Cr. BalancesDr. Balances50,000.002,10,000.0045,000.001,500.00ParticularsLand and buildingPurchasesOpening stockReturns inwardReturns outward2,500.00WagesSalariesOffice expensesCarriage inwardsCarriage outwardsDiscount allowed45,300.0039,000.0015,400.001,200.002,000.00750.00Discount received1,200.00Bad debts1,200.003,85,000.001,15,000.0025,000.00SalesCapital accountLoanInsurance1,500.00CommissionPlant and machineryFurniture and fixturesNotes receivableAccounts receivablesAccounts payableCash at bankOffice equipmentsNotes payableExpenses payableTotal1,500.0050,000.0020,000.0020,000.0040,000.0025,000.0016,000.0012,000.0012,350.003,300.005,70,850.005,70,850.00Required : Prepare necessary closing journals entries.

Closing entries means the entries to be made on the closing of any particular period . All revenue…

Question # 06 Progressive Enterprise Trial Balance As at 30th June, 2021 Dr. Balances 50,000.00 2,10,000.00 45,000.00 1,500.00 Particulars Cr. Balances Land and building Purchases Opening stock Returns inward Returns outward Wages Salaries 2,500.00 Office expenses Carriage inwards Carriage outwards Discount allowed 45,300.00 39,000.00 15,400.00 1,200.00 2,000.00 750.00 Discount received 1,200.00 Bad debts Sales 1,200.00 Capital account Loan Insurance Commission 3,85,000.00 1,15,000.00 25,000.00 1,500.00 1,500.00 Plant and machinery Furniture and fixtures Notes receivable Accounts receivables Accounts payable Cash at bank Office equipments Notes payable Expenses payable Total 50,000.00 20,000.00 20,000.00 40,000.00 25,000.00 16,000.00 12,000.00 12,350.00 3,300.00 5,70,850.00 5,70,850.00 Prepare necessary closing journals entries.

Question # 06 Progressive Enterprise Trial Balance As at 30th June, 2021 Dr. Balances 50,000.00 2,10,000.00 45,000.00 1,500.00 Particulars Cr. Balances Land and building Purchases Opening stock Returns inward Returns outward Wages Salaries 2,500.00 Office expenses Carriage inwards Carriage outwards Discount allowed 45,300.00 39,000.00 15,400.00 1,200.00 2,000.00 750.00 Discount received 1,200.00 Bad debts Sales 1,200.00 Capital account Loan Insurance Commission 3,85,000.00 1,15,000.00 25,000.00 1,500.00 1,500.00 Plant and machinery Furniture and fixtures Notes receivable Accounts receivables Accounts payable Cash at bank Office equipments Notes payable Expenses payable Total 50,000.00 20,000.00 20,000.00 40,000.00 25,000.00 16,000.00 12,000.00 12,350.00 3,300.00 5,70,850.00 5,70,850.00 Prepare necessary closing journals entries.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

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