Serial Problem Business Solutions LO P2, P3 The December 31, 2017, adjusted tria

Question

Serial Problem Business Solutions LO P2, P3

The December 31, 2017, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2017) follows.
  

Required:
1. Record the closing entries for Business Solutionss.
2. Prepare a post-closing trial balance as of December 31, 2017

No Account Title Debit Credit 101 Cash $ 50,801 106 Accounts receivable 5,568 126 Computer supplies 620 128 Prepaid insurance 1,530 131 Prepaid rent 750 163 Office equipment 8,900 164 Accumulated depreciation—Office equipment $ 445 167 Computer equipment 22,400 168 Accumulated depreciation—Computer equipment 1,400 201 Accounts payable 2,000 210 Wages payable 460 236 Unearned computer services revenue 2,100 301 S. Rey, Capital 64,000 302 S. Rey, Withdrawals 7,600 403 Computer services revenue 44,944 612 Depreciation expense—Office equipment 445 613 Depreciation expense—Computer equipment 1,400 623 Wages expense 3,675 637 Insurance expense 510 640 Rent expense 2,250 652 Computer supplies expense 4,025 655 Advertising expense 2,678 676 Mileage expense 852 677 Miscellaneous expenses 170 684 Repairs expense—Computer 1,175 901 Income summary 0 Totals $ 115,349 $ 115,349

Explanation / Answer

1) . Record the closing entries for Business Solutionss.

2. Prepare a post-closing trial balance as of December 31, 2017

Date account and explanation debit credit Computer services revenue 44944 Income summary 44944 (To close revenue account) Income summary 17180 Depreciation expense—Office equipment 445 Depreciation expense—Computer equipment 1400   Wages expense 3675   Insurance expense 510   Rent expense 2250   Computer supplies expense 4025 Advertising expense 2678 Mileage expense 852 Miscellaneous expenses 170 Repairs expense—Computer 1175 (To close expense account) Income summary 27764   S. Rey, Capital 27764 (To close income summary) S. Rey, Capital 7600   S. Rey, Withdrawals 7600 (To close withdrawal account)

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