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In: Accounting

The worksheet for Major Advising to complete this exercise is as follows. 1. Prepare the closing...

The worksheet for Major Advising to complete this exercise is as follows.

1. Prepare the closing entries. If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 2.

2. 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. Then complete the posting in part 1.

Major Advising
Work Sheet (Partial)
For Month Ended January 31, 20 --
Income Statement Balance Sheet
Account Title Debit Credit Debit Credit
Cash 1,349
Accounts Receivable 920
Supplies 339
Prepaid Insurance 876
Office Equipment 3,540
Accum. Depr.—Office Equipment 193
Accounts Payable 1,026
Wages Payable 303
Ed Major, Capital 4,086
Ed Major, Drawing 864
Advising Fees 4,175
Wages Expense 673
Advertising Expense 90
Rent Expense 523
Supplies Expense 152
Phone Expense 71
Electricity Expense 43
Insurance Expense 83
Gas and Oil Expense 47
Depr. Expense—Office Equipment 193
Miscellaneous Expense 20
1,895 4,175 7,888 5,608
Net Income 2,280 2,280
4,175 4,175 7,888 7,888

A chart of accounts is provided below.

Chart of Accounts
Assets Revenues
101 Cash 401 Advising Fees
122 Accounts Receivable
141 Supplies Expenses
145 Prepaid Insurance 511 Wages Expense
181 Office Equipment 512 Advertising Expense
181.1 Accum. Depr.—Office Equip. 521 Rent Expense
524 Supplies Expense
Liabilities 525 Phone Expense
202 Accounts Payable 533 Electricity Expense
219 Wages Payable 535 Insurance Expense
538 Gas and Oil Expense
541 Depr. Exp.—Office Equip.
Owner’s Equity 549 Miscellaneous Expense
311 Ed Major, Capital
312 Ed Major, Drawing
313 Income Summary

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