Question

In: Accounting

The adjusted trial balance for Ivanhoe Company is given below. IVANHOE COMPANY Trial Balance August 31,...



The adjusted trial balance for Ivanhoe Company is given below.

IVANHOE COMPANY
Trial Balance
August 31, 2022

Before
Adjustment

After
Adjustment

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

  • Accounts Payable
  • Accounts Receivable
  • Accumulated Depreciation-Buildings
  • Accumulated Depreciation-Equipment
  • Advertising Expense
  • Amortization Expense
  • Buildings
  • Cash
  • Common Stock
  • Depreciation Expense
  • Dividends
  • Equipment
  • Income Summary
  • Income Tax Expense
  • Income Taxes Payable
  • Insurance Expense
  • Interest Expense
  • Interest Payable
  • Interest Receivable
  • Interest Revenue
  • Land
  • Maintenance and Repairs Expense
  • Mortgage Payable
  • No Entry
  • Notes Payable
  • Prepaid Advertising
  • Prepaid Cleaning
  • Prepaid Insurance
  • Prepaid Rent
  • Property Tax Expense
  • Property Taxes Payable
  • Rent Expense
  • Rent Revenue
  • Retained Earnings
  • Salaries and Wages Expense
  • Salaries and Wages Payable
  • Sales Revenue
  • Service Revenue
  • Supplies
  • Supplies Expense
  • Ticket Revenue
  • Unearned Rent Revenue
  • Unearned Sales Revenue
  • Unearned Service Revenue
  • Unearned Ticket Revenue
  • Utilities Expense
  • Website

Solutions

Expert Solution

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)

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