8. Given the following adjusted on the following page. trial balance, prepare cl

Question

8. Given the following adjusted on the following page. trial balance, prepare closing entries at October 31, 2018 Adjusted Trial Balance For the Year Ended October 31, 2018 Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable 6 Sa bl 2 Unearned Revenue Common Stock 10 15 Retained Earnings Dividends Interest Revenue 48 Sales Revenue Sales Discounts Cost of Goods Sold 2 18 12.000 Salaries&Wages; Expense 7 Supplies Expense 6,000 Rent Expense Advertising Expense Loss on disposal of equipment TOTALS

Explanation / Answer

Closing entry :

Date accounts & explanation debit credit Sales revenue 48000 Interest revenue 4000 Income summary 52000 (To close revenue account) Income summary 50000 Sales discount 2000 Cost of goods sold 18000 Salaries and wages expense 12000 Supplies expense 7000 Rent expense 6000 Advertising expense 3000 Loss on disposal of equipment 2000 (To close expense account) Income summary 2000 Retained earnings 2000 (To close income summary account Retained earnings 4000 Dividends 4000 (To close dividend account)

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