Question

	Friend's Tire Shop (V17.0)
	Worksheet Page 1 (D4)
	For the Month Ended December 31, 20XX
	Account Titles	Trial Balance
		Dr.	Cr.
1	Cash	5,318.96
2	Accounts Receivable	8,182.30
3	Merchandise Inventory	36,615.60
4	Prepaid Insurance	5,423.95
5	Office Supplies	423.20
6	Shop Supplies	2,361.75
7	Delivery Van	17,250.00
8	Accum. Depr. - Delivery Van		16,962.50
9	Shop Equipment	27,699.81
10	Accum. Depr. - Shop Equiq		14,260.29
11	Notes Payable		4,505.88
12	Accounts Payable		15,357.30
13	Salaries and Wages Payable
14	Interest Payable		627.42
15	Notes Payable - Long Term		6,573.30
16	Robert Friend, Capital		45,439.03
17	Robert Friend, Drawing	7,900.00
18
19
20
21
22
23
24
25	Totals	111,175.57	103,725.72
	Friend's Tire Shop (V17.0)
	Worksheet Page 2 (D5)
	For the Month Ended December 31, 20XX
	Account Titles	Trial Balance
		Dr.	Cr.
	Total Forward	111,175.57	103,725.72
1	Sales		37,187.17
2	Sales Returns and Allow.	778.20
3	Sales Discounts	539.46
4	Repair Service Revenue		3,613.43
5	Cost of Goods Sold	18,229.78
6	Advertising Expense	661.88
7	Bank Charges	25.00
8	Depr. Expense - Del. Van
9	Depr. Expense - Shop Eq
10	Insurance Expense
11	Office Salaries Expense	3,025.00
12	Office Supplies Expense
13	Rent Expense	1,200.00
14	Repair & Maint. Delivery Van	488.27
15	Shop Salaries Expense	7,450.00
16	Shop Supplies Expense
17	Utilities Expense	949.93
18	Telephone Expense	68.23
19	Accounting/Legal Expense	225.00
20	Rental Revenue		290.00
21	Interest Expense
22	Total	144,816.32	144,816.32
23	Net Income or Loss
24	Total

Adjusting entries:

A	Depr. Exp - Company Van		$287.50
		Accum. Depreciation - Company Van		$287.50
B	Depr. Exp - Shop Equipment		$425.00
		Accum. Depreciation - Shop Equipment		$425.00
C	Insurance Expense		$495.63
		Prepaid Insurance		$495.63
D	Office Supplies Expense		$208.20
		Office Supplies		$208.20
E	Shop Supplies Expense		$361.75
		Shop Supplies		$361.75
F	Office Salaries Expense		$150.00
	Shop Salaries Expense		$350.00
		Salaries and Wages Payable		$500.00
G	Interest Expense		$104.36
		Interest Payable		$104.36
H	Cost of Goods Sold		$283.38
		Merchandise Inventory		$283.38

I need help doing closing entries for the above accounts

Answer 1

Closing entries:

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 20XX	Sales	37187.17
	Repair service revenue	3613.43
	Rental revenue	290.00
	Income Summary		41090.60
	(To close revenue accounts)
Dec. 31, 20XX	Income Summary	36306.57
	Sales return & allowances		778.20
	Sales discount		539.46
	Cost of goods sold ($18229.78 + $283.38)		18513.16
	Advertising expense		661.88
	Bank charges		25.00
	Depr. Expense - Del. Van		287.50
	Depr. Expense - Shop Eq		425.00
	Insurance expense		495.63
	Office salaries expense ($3025 + $150)		3175.00
	Office supplies expense		208.20
	Rent expense		1200.00
	Repair & Maint. Delivery van		488.27
	Shop salaries expense ($7450 + $350)		7800.00
	Shop supplies expense		361.75
	Utilities expense		949.93
	Telephone expense		68.23
	Accounting/legal expense		225.00
	Interest expense		104.36
	(To close contra-revenue and expense accounts)
Dec. 31, 20XX	Income Summary ($41090.60 - $36306.57)	4784.03
	Robert Friend, Capital		4784.03
	(To close Income Summary to capital)
Dec. 31, 20XX	Robert Friend, Capital	7900.00
	Robert Friend, Drawing		7900.00
	(To close drawings to capital)