In: Accounting
The adjusted trial balance for Ivanhoe Company is given
below.
IVANHOE
COMPANY Trial Balance August 31, 2022 |
||||||||
---|---|---|---|---|---|---|---|---|
Before |
After |
|||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash |
$11,970 | $11,970 | ||||||
Accounts Receivable |
9,270 | 9,950 | ||||||
Supplies |
2,690 | 1,090 | ||||||
Prepaid Insurance |
4,470 | 3,050 | ||||||
Equipment |
16,000 | 16,000 | ||||||
Accumulated Depreciation—Equipment |
$3,600 | $4,800 | ||||||
Accounts Payable |
5,100 | 5,100 | ||||||
Salaries and Wages Payable |
0 | 1,810 | ||||||
Unearned Rent Revenue |
2,010 | 1,080 | ||||||
Common Stock |
18,750 | 18,750 | ||||||
Retained Earnings |
5,560 | 5,560 | ||||||
Dividends |
2,540 | 2,540 | ||||||
Service Revenue |
32,340 | 33,020 | ||||||
Rent Revenue |
12,420 | 13,350 | ||||||
Salaries and Wages Expense |
16,250 | 18,060 | ||||||
Supplies Expense |
0 | 1,600 | ||||||
Rent Expense |
16,590 | 16,590 | ||||||
Insurance Expense |
0 | 1,420 | ||||||
Depreciation Expense |
0 |
1,200 |
||||||
$79,780 |
$79,780 |
$83,470 |
$83,470 |
Prepare the closing entries for the temporary accounts at August
31. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
Aug. 31 |
enter an account title to close revenue accounts |
enter a debit amount |
enter a credit amount |
enter an account title to close revenue accounts |
enter a debit amount |
enter a credit amount |
|
enter an account title to close revenue accounts |
enter a debit amount |
enter a credit amount |
|
(To close revenue accounts) | |||
Aug. 31 |
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
|
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
|
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
|
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
|
enter an account title to close expense accounts |
enter a debit amount |
enter a credit amount |
|
(To close expense accounts) | |||
Aug. 31 |
enter an account title to close income / (loss) |
enter a debit amount |
enter a credit amount |
enter an account title to close income / (loss) |
enter a debit amount |
enter a credit amount |
|
(To close income / (loss)) | |||
Aug. 31 |
enter an account title to close dividends |
enter a debit amount |
enter a credit amount |
enter an account title to close dividends |
enter a debit amount |
enter a credit amount |
|
(To close dividends) |
List of Accounts
Date | Account titles and explanation | Debit | Credit |
Aug. 31 | Service revenue | 33,020 | |
Rent revenue | 13,350 | ||
Income summary | 46,370 | ||
(To close revenue accounts) | |||
Aug. 31 | Income summary | 38,870 | |
Salaries and wages expense | 18,060 | ||
Supplies expense | 1,600 | ||
Rent expense | 16,590 | ||
Insurance expense | 1,420 | ||
Depreciation expense | 1,200 | ||
(To close expense accounts) | |||
Aug. 31 | Income summary (46,370-38,870) | 7,500 | |
Retained earnings | 7,500 | ||
(To close income/(loss)) | |||
Aug. 31 | Retained earnings | 2,540 | |
Dividends | 2,540 | ||
(To close dividends) |