Financial Accounting Closing Entries And Income Summary Homework Help
- December 1, 2017
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- Category: Accounting QA
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Apachi Company ended its fiscal year on July 31, 2010. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.
APACHI COMPANY | |||
Adjusted Trial Balance | |||
July 31, 2010 | |||
No. | Account Titles | Debits | Credits |
101 | Cash | $14,840 | |
112 | Accounts Receivable | 8,780 | |
157 | Equipment | 15,900 | |
167 | Accumulated Depreciation | $7,400 | |
201 | Accounts Payable | 4,220 | |
208 | Unearned Rent Revenue | 1,800 | |
301 | B. J. Apachi, Capital | 45,200 | |
306 | B. J. Apachi, Drawing | 16,000 | |
404 | Commission Revenue | 65,000 | |
429 | Rent Revenue | 6,500 | |
711 | Depreciation Expense | 4,000 | |
720 | Salaries Expense | 55,700 | |
732 | Utilities Expense | 14,900 | |
$130,120 | $130,120 |
Instructions
(a)Prepare the closing entries.(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Date | Account/Description | Debit | Credit |
July 31 | B.J. Apachi, DrawingAccumulated DepreciationIncome SummaryAccounts PayableSalaries ExpenseUnearned Rent RevenueB.J. Apachi, CapitalCashCommission RevenueAccounts ReceivableRent RevenueUtilities ExpenseDepreciation ExpenseEquipment | ||
B.J. Apachi, CapitalCommission RevenueB.J. Apachi, DrawingUtilities ExpenseAccounts PayableDepreciation ExpenseCashAccounts ReceivableEquipmentRent RevenueAccumulated DepreciationUnearned Rent RevenueIncome SummarySalaries Expense | |||
B.J. Apachi, CapitalAccumulated DepreciationUtilities ExpenseCashB.J. Apachi, DrawingUnearned Rent RevenueAccounts ReceivableIncome SummarySalaries ExpenseCommission RevenueRent RevenueDepreciation ExpenseEquipmentAccounts Payable | |||
(To close revenue.) | |||
July 31 | Commission RevenueAccounts PayableUnearned Rent RevenueB.J. Apachi, CapitalRent RevenueB.J. Apachi, DrawingDepreciation ExpenseSalaries ExpenseCashAccounts ReceivableIncome SummaryEquipmentAccumulated DepreciationUtilities Expense | ||
Salaries ExpenseCommission RevenueUnearned Rent RevenueEquipmentUtilities ExpenseRent RevenueIncome SummaryAccounts PayableDepreciation ExpenseB.J. Apachi, CapitalAccumulated DepreciationB.J. Apachi, DrawingCashAccounts Receivable | |||
Accounts PayableUnearned Rent RevenueRent RevenueCommission RevenueB.J. Apachi, DrawingIncome SummarySalaries ExpenseUtilities ExpenseDepreciation ExpenseB.J. Apachi, CapitalCashAccounts ReceivableEquipmentAccumulated Depreciation | |||
B.J. Apachi, DrawingDepreciation ExpenseUnearned Rent RevenueCashAccounts ReceivableEquipmentB.J. Apachi, CapitalRent RevenueUtilities ExpenseSalaries ExpenseIncome SummaryAccumulated DepreciationAccounts PayableCommission Revenue | |||
(To close expenses.) | |||
July 31 | Accounts ReceivableAccumulated DepreciationRent RevenueB.J. Apachi, CapitalUtilities ExpenseAccounts PayableCommission RevenueIncome SummaryUnearned Rent RevenueSalaries ExpenseDepreciation ExpenseEquipmentB.J. Apachi, DrawingCash | ||
Utilities ExpenseUnearned Rent RevenueRent RevenueEquipmentSalaries ExpenseDepreciation ExpenseAccumulated DepreciationAccounts PayableIncome SummaryB.J. Apachi, CapitalB.J. Apachi, DrawingCommission RevenueCashAccounts Receivable | |||
(To close net loss.) | |||
July 31 | B.J. Apachi, CapitalSalaries ExpenseDepreciation ExpenseCommission RevenueB.J. Apachi, DrawingRent RevenueAccumulated DepreciationUtilities ExpenseCashAccounts ReceivableIncome SummaryAccounts PayableEquipmentUnearned Rent Revenue | ||
Accumulated DepreciationDepreciation ExpenseUnearned Rent RevenueIncome SummaryB.J. Apachi, DrawingAccounts PayableSalaries ExpenseCommission RevenueRent RevenueUtilities ExpenseB.J. Apachi, CapitalCashAccounts ReceivableEquipment | |||
(To close drawings.) |
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(b)Post to B.J. Apachi, Capital and No. 350 Income Summary accounts.(If answer is zero, please enter 0. Do not leave any fields blank.If balance is negative, use either a negative sign preceding the number eg -45 or parentheses eg (45).)
B.J. Apachi, Capital | No. 101 | |||||
Date | Explanation | Ref. | Debit | Credit | Balance | |
July | 31 | Balance | ||||
31 | Close net loss | J15 | ||||
31 | Close drawing | J15 |
Income Summary | No. 101 | |||||
Date | Explanation | Ref. | Debit | Credit | Balance | |
July | 31 | Close revenue | J15 | |||
31 | Close expenses | J15 | ||||
31 | Close net loss | J15 |
(c)Prepare a post-closing trial balance at July 31.(If answer is zero, please enter 0. Do not leave any fields blank.)
APACHI COMPANY | ||
Post-Closing Trial Balance | ||
July 31, 2010 | ||
Debit | Credit | |
Cash | $ | $ |
Accounts Receivable | ||
Equipment | ||
Accumulated Depreciation | ||
Accounts Payable | ||
Unearned Rent Revenue | ||
B. J. Apachi, Capital | ||
$ | $ |
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