The December 31, 2017, adjusted trial balance of Business Solutions (reflecting

Question

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 $ 51,714 106 Accounts receivable 4,568 126 Computer supplies 660 128 Prepaid insurance 1,440 131 Prepaid rent 815 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 400 167 Computer equipment 21,200 168 Accumulated depreciation—Computer equipment 1,325 201 Accounts payable 1,400 210 Wages payable 420 236 Unearned computer services revenue 1,700 301 S. Rey, Capital 70,000 302 S. Rey, Withdrawals 7,500 403 Computer services revenue 37,049 612 Depreciation expense—Office equipment 400 613 Depreciation expense—Computer equipment 1,325 623 Wages expense 3,650 637 Insurance expense 480 640 Rent expense 2,445 652 Computer supplies expense 3,285 655 Advertising expense 2,663 676 Mileage expense 754 677 Miscellaneous expenses 230 684 Repairs expense—Computer 1,165 901 Income summary 0 Totals $ 112,294 $ 112,294 Required 1 Required 2 Record the closing entries for Business Solutions. View transaction list Journal entry worksheet 2 3 4 Record the entry to close revenue account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Computer services revenue Record entry Clear entry View general journal

Explanation / Answer

Closing entries:; Accounts title and explanations Debit $ Credit $ Computer Service revenue Account Dr. 37049      Income Summary 37049 Income Summary 16397    Depreciation expense-Equipment 400    Depreciation expense -Computer 1325    Wages expense 3650    Insurance expense 480     Rent expense 2445     Computer supplies expense 3285     Advertisement 2663     Mileage expense 754     Mmisc expense 230     Repairs expense 1165 Income Summary Account Dr. 20652        S. Rey Capital 20652 S. Rey Capital Account Dr. 7500       S. Rey withdrawals 7500 Trial Balance Cash 51714 Accounts receivable 4568 Computer supplies 660 prepaid insurance 1440 Prepaid rent 815 Office Equipment 8000 Accumulated depreciation 400 Computer equipment 21200 Accumulated depreciation 1325 Accounts payable 1400 Wages payable 420 Unearned seervice revenue 1700 S. Rey capital 83152 Total 88397 88397

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.