Question

In: Accounting

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.

Page: 1
DATE DESCRIPTION POST.
REF.		 DEBIT CREDIT
1 20--
Jan. 31		 1
2 2
3 3
4 Jan. 31 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 Jan. 31 16
17 17
18 18
19 Jan. 31 19
20 20
21 21

Solutions

Expert Solution

Closing entries

ekkarill92 answered 2 years ago
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