3) CIOSIB Entries and Post-Closing Trial Balance The accounts and their amounts
ID: 2539185 • Letter: 3
Question
3) CIOSIB Entries and Post-Closing Trial Balance The accounts and their amounts for Belgrave CO. at closing entries and an After-Closing Trial Balance. 1 their amounts for Belgrave Co. at December 31 are listed below. Prepare $5,300 5,850 360 700 Cash Accounts Receivable Supplies Prepaid Insurance Machinery Accumulated Depr. Mach. Salary Payable Capital Stock Retained Earnings Dividends Revenue Insurance Expense Salary Expense Miscellaneous Expense Depreciation Expense | Totals 2,600 1,650 400 5,200 1,940 500 13,250 120 6,210 340 460 $22.440 $22.440 4) AnalyticalExplanation / Answer
closing entries
date
explanation
debit
credit
31-Dec
revenue
13250
income summary
13250
31-Dec
income summary
7130
insurance expense
120
salary expense
6210
miscelleneous expenses
340
depreciation expense
460
31-Dec
retained earning
500
dividend
500
31-Dec
retained earning
6120
income summary
6120
After closing trial balance
Explanation
debit
credit
cash
5300
accounts receivables
5850
supplies
360
prepaid insurance
700
machinery
2600
accumulated depreciation-machinery
1650
salary payable
400
capital stock
5200
retained earnings
7560
total
14810
14810
balance in retained earning
beginning balance+ income summary-dividend
1940+6120-500
balance in retained earning
7560
closing entries
date
explanation
debit
credit
31-Dec
revenue
13250
income summary
13250
31-Dec
income summary
7130
insurance expense
120
salary expense
6210
miscelleneous expenses
340
depreciation expense
460
31-Dec
retained earning
500
dividend
500
31-Dec
retained earning
6120
income summary
6120
After closing trial balance
Explanation
debit
credit
cash
5300
accounts receivables
5850
supplies
360
prepaid insurance
700
machinery
2600
accumulated depreciation-machinery
1650
salary payable
400
capital stock
5200
retained earnings
7560
total
14810
14810
balance in retained earning
beginning balance+ income summary-dividend
1940+6120-500
balance in retained earning
7560
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