Chapter 8.1, Problem 1OYO

CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached.   REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.

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. Major AdvisingWork Sheet (Partial)For Month Ended January 31, 20 --   Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash     1,342   Accounts Receivable     933   Supplies     335   Prepaid Insurance     856   Office Equipment     3,510   Accum. Depr.—Office Equipment       185 Accounts Payable       981 Wages Payable       319 Ed Major, Capital       4,147 Ed Major, Drawing     915   Advising Fees   4,199     Wages Expense 738       Advertising Expense 94       Rent Expense 499       Supplies Expense 126       Phone…

Hello,I need help witht he Journal entry and the Post Closing Trial Balance entry.  4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:   Beacons Company   End-of-Period Spreadsheet   For the Year Ended December 31, 20Y5   Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,500       10,500   Accounts Receivable 39,500   (a) 9,100   48,600   Prepaid Insurance 4,200     (b) 3,350 850   Supplies 2,790     (c) 2,180 610   Land 98,000       98,000   Building 416,000       416,000   Accumulated Depreciation-Building   205,300   (d) 14,000   219,300 Equipment 107,000       107,000   Accumulated…