Hi, I need Accounting help ASAP please.. Complete the closing entries for this c
ID: 2419763 • Letter: H
Question
Hi, I need Accounting help ASAP please..
Complete the closing entries for this company on the journal page below the trial balance. When you are finished either send me the hard copy or put this in the D2L drop box labeled Chapter 3 closing entries.
This will be worth 20 point possible points and is part 2 of chapter 3 test.
Murray Decorating Studios
Adjusted Trial Balance
December 31, 2014
List of Accounts
Each account has a normal balance
Cash
3032
Accounts receivable
1700
Prepaid expenses
250
Supplies
150
Equipment
4600
Accumulated depreciation
25
Land
3750
Accounts payable
220
Wages payable
400
Utilities payable
52
Short-term note payable
400
Interest payable
37
Income tax payable
244
Unearned revenue
1200
Long-term note payable
3300
Common stock
150
Additional paid-in-capital
8850
Retained earnings
0
Dividends
1500
Decorating revenue
5600
Interest revenue
12
Supplies expense
350
Wages expense
4300
Fuel expense
410
Insurance expense
50
Utilities expense
52
Depreciation expense
25
Interest expense
77
Income tax expense
244
Prepare the closing entries for this company.
Date
Accounts
Debits
Credits
List of Accounts
Each account has a normal balance
Cash
3032
Accounts receivable
1700
Prepaid expenses
250
Supplies
150
Equipment
4600
Accumulated depreciation
25
Land
3750
Accounts payable
220
Wages payable
400
Utilities payable
52
Short-term note payable
400
Interest payable
37
Income tax payable
244
Unearned revenue
1200
Long-term note payable
3300
Common stock
150
Additional paid-in-capital
8850
Retained earnings
0
Dividends
1500
Decorating revenue
5600
Interest revenue
12
Supplies expense
350
Wages expense
4300
Fuel expense
410
Insurance expense
50
Utilities expense
52
Depreciation expense
25
Interest expense
77
Income tax expense
244
Explanation / Answer
Closing Trial Balance: Particulars Debit Credit Cash 3,032 Accounts Receivable 1,700 Prepaid Expenses 250 Supplies 150 Equipment 4,600 Accumulated Depreciation 25 Land 3,750 Accounts Payable 220 Wages Payable 400 Utilities Payable 52 Short term note payable 400 Interest Payable 37 Income Tax Payable 244 Long term notes payable 3,300 Common Stock 150 Additional Paid In Capital 8,850 Retained Earnings (196) Total 13,482 13,482 Caluclating the Net Profit Carried Forward: Particulars Amount Revenue: Decorating Revenue 5,600 Unearned Revenue 1,200 Interest Revenue 12 Less: Expenses Supplies expense -350 Wages expense -4300 Fuel expense -410 Insurance expense -50 Utilities expense -52 Depreciation expense -25 Interest expense -77 Income tax expense -244 Net Operating Income 1,304 Less: Dividend 1,500 Transfer to Retained Earnings (196)
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