Question

In: Accounting

GoodJob Inc. Unadjusted Trial Balance December 31,2020

GoodJob Inc.

Unadjusted Trial Balance

December 31,2020

Account Debit Credit

Cash 304,150

Accounts Receivable 99,000

Office supplies 880

Prepaid rent. 3,960

Unexpired insurance 1,650

Office equipment 79,200

Accumulated depreciation: office equipment 26,400

Accounts payable 4,400

Notes payable (due 3/1/12) 66,000

Interest payable 660

Income taxes payable 9,900

Dividends payable 3,500

Unearned consulting fees 24,200

Capital stock 220,000

Retained earnings 44,000

Dividends 3,500

Consulting fees earned 550,000

Rent expense 16,170

Insurance expense 2,420

Office supplies expense 4,950

Depreciation expense: office equipment 12,100

Salaries expense 363,000

Utilities expense 5,280

Interest expense 3,300

Income taxes expense 49,500

Totals 949,060 949,8060

Prepare the necessary year-end closing entries
Prepare an after-closing trial balance .
Compute the company’s average monthly insurance expense for January through November 2020

Expert Solution

Closing Journal Entries	Dr. ($)	Cr. ($)
consulting fees earned	550000
To income summary		550000
(closing of revenue account)

income summary	456720
To rent expenses		16170
To insurance expenses		2420
To office supplies expenses		4950
To depreciation expenses		12100
To salaries expenses		363000
To utilities expenses		5280
To interest expenses		3300
To income tax expenses		49500
(closing of expenses account)

retained earnings	3500
To dividends		3500
(closing of dividends account0

income summary	93280
To retained earnings		93280
(closing of income summary account)

post-closing trial balance

Accounts	Dr. ($)	Cr. ($)
Cash	304150
Accounts Receivable	99000
Office supplies	880
Prepaid rent.	3960
Unexpired insurance	1650
Office equipment	79200
Accumulated depreciation: office equipment		26400
Accounts payable		4400
Notes payable (due 3/1/12)		66000
Interest payable		660
Income taxes payable		9900
Dividends payable		3500
Unearned consulting fees		24200
Capital stock		220000
Retained earnings		133780
totals	488840	488840

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