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Closing Entries and Post-Closing Trial Balance Refer to the work sheet below for Megaffin’s Repairs to...

Closing Entries and Post-Closing Trial Balance

Refer to the work sheet below for Megaffin’s Repairs to complete this problem.

Megaffin's Repairs Work Sheet For Month Ended January 31, 20--
	Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3,675				3,675				3,675
Accounts Receivable	1,452				1,452				1,452
Supplies	695			296	399				399
Prepaid Insurance	899			220	679				679
Delivery Equipment	3,230				3,230				3,230
Accumulated Depreciation - Delivery Equipment				53		53				53
Accounts Payable		1,208				1,208				1,208
Wages Payable				405		405				405
Don Megaffn, Capital		8,039				8,039				8,039
Don Megaffn, Drawing	1,117				1,117				1,117
Repair Fees		4,693				4,693		4,693
Wages Expense	1,744		405		2,149		2,149
Advertising Expense	210				210		210
Rent Expense	637				637		637
Supplies Expense			296		296		296
Phone Expense	49				49		49
Insurance Expense			220		220		220
Gas and Oil Expense	199				199		199
Depreciation Expense - Delivery Equipment			53		53		53
Miscellaneous Expense	33				33		33
	13,940	13,940	974	974	14,398	14,398	3,846	4,693	10,552	9,705
Net Income							847			847
							4,693	4,693	10,552	10,552

1. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank or enter "0". Do not enter the posting references until you complete part 3.

GENERAL JOURNAL				PAGE 10
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
Adjusting Entries
20--
Jan. 31


Jan. 31


Jan. 31


Jan. 31

2. Journalize the closing entries. If an amount box does not require an entry, leave it blank or enter "0". Do not enter the posting references until you complete part 3.

GENERAL JOURNAL				PAGE 11
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
Closing Entries
20--
Jan. 31


Jan. 31










Jan. 31


Jan. 31

3. The trial balance amounts (before adjustments) have been entered in the ledger accounts. Post the adjusting entries and then the closing entries in the ledger accounts. Next, complete the posting in parts 1 and 2. If an amount box does not require an entry, leave it blank or enter "0". If more than one entry occurs on a single date, enter in the order given in the journals above.

A chart of accounts is provided below.

Megaffin's Repairs Chart of Accounts
Assets		Revenues
101	Cash	401	Repair Fees
122	Accounts Receivable
141	Supplies	Expenses
145	Prepaid Insurance	511	Wages Expense
185	Delivery Equipment	512	Advertising Expense
185.1	Accum. Depr.––Delivery Equip.	521	Rent Expense
		523	Supplies Expense
Liabilities		525	Phone Expense
202	Accounts Payable	535	Insurance Expense
219	Wages Payable	538	Gas and Oil Expense
		541	Depr. Exp.—Delivery Equip.
Owner's Equity		549	Miscellaneous Expense
311	Don Megaffin, Capital
312	Don Megaffin, Drawing
313	Income Summary

GENERAL LEDGER
ACCOUNT	Cash				ACCOUNT NO.	101
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			3,675

ACCOUNT	Accounts Receivable				ACCOUNT NO.	122
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			1,452

ACCOUNT	Supplies				ACCOUNT NO.	141
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			695
Jan. 31		J10

ACCOUNT	Prepaid Insurance				ACCOUNT NO.	145
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			899
Jan. 31		J10

ACCOUNT	Delivery Equipment				ACCOUNT NO.	185
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√

ACCOUNT	Accumulated Depreciation—Delivery Equipment				ACCOUNT NO.	185.1
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Adjusting	J10

ACCOUNT	Accounts Payable				ACCOUNT NO.	202
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√				1,208

ACCOUNT	Wages Payable				ACCOUNT NO.	219
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Adjusting	J10

ACCOUNT	Don Megaffin, Capital				ACCOUNT NO.	311
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√				8,039
Jan. 31		J11
Jan. 31		J11

ACCOUNT	Don Megaffin, Drawing				ACCOUNT NO.	312
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			1,117
Jan. 31		J11

ACCOUNT	Income Summary				ACCOUNT NO.	313
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Closing	J11
Jan. 31	Closing	J11
Jan. 31	Closing	J11

ACCOUNT	Repair Fees				ACCOUNT NO.	401
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√				4,693
Jan. 31		J11

ACCOUNT	Wages Expense				ACCOUNT NO.	511
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			1,744
Jan. 31		J10
Jan. 31		J11

ACCOUNT	Advertising Expense				ACCOUNT NO.	512
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			210
Jan. 31		J11

ACCOUNT	Rent Expense				ACCOUNT NO.	521
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			637
Jan. 31		J11

ACCOUNT	Supplies Expense				ACCOUNT NO.	523
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31		J10
Jan. 31		J11

ACCOUNT	Phone Expense				ACCOUNT NO.	525
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			49
Jan. 31		J11

ACCOUNT	Insurance Expense				ACCOUNT NO.	535
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31		J10
Jan. 31		J11

ACCOUNT	Gas and Oil Expense				ACCOUNT NO.	538
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			199
Jan. 31		J11

ACCOUNT	Depreciation Expense—Delivery Equipment				ACCOUNT NO.	541
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31		J10
Jan. 31		J11

ACCOUNT	Miscellaneous Expense				ACCOUNT NO.	549
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Jan. 31	Balance	√			33
Jan. 31		J11

4. Prepare a post-closing trial balance.

Megaffin’s Repairs
Post-Closing Trial Balance
January 31, 20--
Account	Acct. No.	Debit Balance	Credit Balance

Expert Solution

ekkarill92 answered 2 years ago

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