This is a partial adjusted trial balance of Sunland Company. SUNLAND COMPANY Adjusted Trial Balance January...

This is a partial adjusted trial balance of Sunland Company.

SUNLAND COMPANY Adjusted Trial Balance January 31, 2017
	Debit	Credit
Supplies	$770
Prepaid Insurance	1,470
Salaries and Wages Payable		$1,040
Unearned Service Revenue		720
Supplies Expense	800
Insurance Expense	490
Salaries and Wages Expense	1,890
Service Revenue		4,330

Prepare the closing entries at January 31, 2017.

Solutions

Expert Solution

Answer :- Journal entries

Date	General journal	Debit ($)	Credit ($)
Jan. 31, 2017	Income Summary A/c Dr. (800 + 490 + 1890) To Supplies expense A/c To Insurance expense A/c To Salaries and wages expense A/c	3180	800 490 1890
Jan. 31, 2017	Service revenue A/c Dr. To Income summary A/c	4330	4330
Jan. 31, 2017	Income summary A/c Dr. (4330 - 3180) To Retained earnings A/c	1150	1150

Note :- First journal entry is for closing of expense accounts. Second journal entry is for closing of revenue account and Third journal entry is for closing of net income / (loss) account.

ekkarill92 answered 1 year ago

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