This is a partial adjusted trial balance of Barone Company. BARONE COMPANY Adjus

Question

This is a partial adjusted trial balance of Barone Company.

BARONE COMPANY
Adjusted Trial Balance
January 31, 2014

Debit

Credit

Supplies

$ 920

Prepaid Insurance

1,611

Salaries and Wages Payable

$1,073

Unearned Service Revenue

781

Supplies Expense

824

Insurance Expense

537

Salaries and Wages Expense

1,626

Service Revenue

4,082

Prepare the closing entries at January 31, 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(To close revenue account)

(To close expense accounts)

(To close net income / (loss))

BARONE COMPANY
Adjusted Trial Balance
January 31, 2014

Debit

Credit

Supplies

$ 920

Prepaid Insurance

1,611

Salaries and Wages Payable

$1,073

Unearned Service Revenue

781

Supplies Expense

824

Insurance Expense

537

Salaries and Wages Expense

1,626

Service Revenue

4,082

Explanation / Answer

Supplies and Prepaid Insurance will be shown in the asset side of the balance sheet. Unearned Service Revenue and Salaries&Wage Payable to be shown in the liabilities side of the balance sheet

Service Revenue 4,082 Income Summary 4,082 (To close the revenue account) Income Summary 2,987 Supplies Expense 824 Insurance Expense 537 Salaries & Wage Expense 1,626 (To close expense account) Income Summary 1,095 Retained Earnings 1,095 (To close Net Income)

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