Question

In: Accounting

Kraemer’s Carriage Rides’ adjusted trial balance onDecember 31st 2014 appears in the worksheet asfollows;...

Kraemer’s Carriage Rides’ adjusted trial balance on December 31st 2014 appears in the worksheet as follows;

No.      Account                                                                                DR                   CR

101     Cash…………………………………………………             40,000

124     Supplies…………………………………………….             20,000

128     Prepaid Insurance………………………………..              10,000

167     Equipment…………………………………………              100,000

168     Accumulated Amortization, Equipment………                                      20,000

201     Accounts Payable………………………………..                                      30,000

220     Unearned Fees …………………………………..                                       10,000

301     Cosmo Kraemer, Capital…………………………                                     83,000

302     Cosmo Kraemer, withdrawals……………………           10,000

401     Fees Earned …………………….…………..                                              90,000

511     Amortization Expense, Equipment……………              10,000

518     Wages Expense………………………………….               20,000

522     Insurance Expense ……………………………..                  5,000

538     Rent Expense ……………………………………                  9,000

540     Supplies Expense ………………………………                   5,000

560     Utilities Expense ………………………………..                  4,000                                  

            Totals                                                                                    233,000       233,000

Required

  1. Prepare the required closing entries.


Solutions

Expert Solution

Closing Entries in the books of Kraemer’s Carriage Rides’
As on December, 31 2014
Account name Debit Credit
1 401     Fees Earned 90000
     Income Summary A/c 90000
(being revenue account closed)
2 Income Summary Dr. 53000
511     Amortization Expense, Equipment 10000
518     Wages Expense 20000
522     Insurance Expense 5000
538     Rent Expense 9000
540     Supplies Expense 5000
560     Utilities Expense 4000
(being expense accounts closed)
3 Income Summary Dr. 37000
301     Cosmo Kraemer, Capital 37000
(being income summary account closed)
4 301     Cosmo Kraemer, Capital A/c Dr. 10000
302     Cosmo Kraemer, withdrawals 10000
(being capital withdrawal account closed)

ekkarill92 answered 2 years ago
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