1. Prepare the closing entries made by Grand Rapids Consulting at the end of 201
ID: 2338615 • Letter: 1
Question
1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. 2. Prepare Grand Rapids Consulting’s retained earnings statement for 2019. CHART OF ACCOUNTS
Grand Rapids General Ledger ASSETS
111 Cash
121 Accounts Receivable
122 Notes Receivable
123 Supplies
124 Prepaid Insurance
125 Prepaid Rent
126 Inventory
127 Interest Receivable
130 Investment
131 Land
132 Buildings
133 Equipment
134 Furniture
135 Trucks
139 Accumulated Depreciation LIABILITIES
211 Accounts Payable
212 Notes Payable
213 Income Taxes Payable
214 Wages Payable
215 Utilities Payable
216 Insurance Payable
217 Rent Payable
221 Interest Payable
222 Unearned Service Revenue
223 Unearned Rent Revenue
231 Bonds Payable EQUITY
311 Common Stock
321 Retained Earnings
331 Dividends
350 Income Summary
REVENUE
411 Sales Revenue
412 Service Revenue
413 Interest Income
414 Rent Revenue EXPENSES
511 Cost of Goods Sold
512 Advertising Expense
513 Supplies Expense
514 Utility Expense
515 Rent Expense
516 Insurance Expense
521 Wages Expense
531 Interest Expense
532 Depreciation Expense
541 Salaries Expense
542 Income Taxes Expense
Labels
December 31, 2019
For the year ended December 31, 2019
Amount Descriptions
Dividends
Net loss
Net income
Retained earnings, January 1,
2019 Retained earnings, December 31, 2019
Total expenses
1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. General Journal Instructions How does grading work? PAGE 1 GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS INCOME STATEMENT BALANCE SHEET Score: 148/209
General Journal Shaded cells have feedbadk PAGE 1 Score: 148/209 GENERAL JOURNAL BALANCE SHEET INCOME STATEMENT IMPACT ON FINANCIAL STATEMENTS ACCOUNT TITLE POST. REF DEEIT UABILITIES EQUITY EXPENSES NET INCOME Closing Entries Dec. 31 Sales Revenue Income Summary Salaries Expense 162,510.00 91,690.00 11,85000 8,48000 4430.00 15,000.00 Dec. 1 Rent Expense Utilities Expense Supplies Expense Income Taxes Expense ncome Summary Income Summary Retained Eamings Retained Earnings Dec. 31 Dec. 31 8,600.00 Dividends 8,600.00 Points38.82 52 FeedbackExplanation / Answer
Date Account titles Debit Credit 31-Dec Sales revenue 162,510 Income summary 162,510 31-Dec Income summary 129,500 Salaries expense 91,690 Rent expense 11,850 Utilities expense 8,480 Supplies expense 4,480 income taxes expense 13,000 31-Dec income summary 33,010 Retained earnings 33,010 (162510-129500) 31-Dec Retained earnings 8,600 Dividends 8,600 Statement of retained earnings opening retained earnings 39,600 Add net income for the year 33,010 72,610 less:dividends paid 8,600 Closing retained earnings 64,010
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