The work sheet for Major Advising for the month ended January 31, 20-- is shown. Major...

The work sheet for Major Advising for the month ended January 31, 20-- is shown.

Major Advising
Work Sheet (Partial)
For Month Ended January 31, 20--

Income Statement		Balance Sheet
ACCOUNT TITLE	DEBIT	CREDIT	DEBIT	CREDIT
Cash			1,339.00
Accounts Receivable			935.00
Supplies			346.00
Prepaid Insurance			800.00
Office Equipment			3,500.00
Accum. Depr.—Office Equipment				200.00
Accounts Payable				1,000.00
Wages Payable				300.00
Ed Major, Capital				4,100.00
Ed Major, Drawing			900.00
Advising Fees		4,140.00
Wages Expense	700.00
Advertising Expense	90.00
Rent Expense	500.00
Supplies Expense	150.00
Phone Expense	67.00
Electricity Expense	48.00
Insurance Expense	89.00
Gas and Oil Expense	53.00
Depr. Expense—Office Equipment	200.00
Miscellaneous Expense	23.00
	1,920.00	4,140.00	7,820.00	5,600.00
Net Income	2,220.00			2,220.00
	4,140.00	4,140.00	7,820.00	7,820.00

1. Enter the existing balance for each T account. Select Bal. and enter the amount.

3. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal.

2. Prepare closing entries in general journal form. Then post the closing entries to the T accounts.

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1	20-- Jan. 31	1
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4	Jan. 31	4
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16	Jan. 31	16
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Expert Solution

Closing entries

ekkarill92 answered 1 year ago

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