Question

The December 31, 2021, adjusted trial balance for Eagle Consulting Services has been alphabetized as follows:

NO. Account Debit Credit

201 Accounts Payable $720

168 accumulated Depreciation, equipment 8250

184 Accumulated depreciation, office furniture 3100

101 cash $1500

302 Consulting fees earned 45000

194 copyright 4200   

251 Dan Eagle,capital 24,715

301 Dan Eagle, withdrawals 3500

406 Depreciation expense, equipment 1000

606 Depreciation expense, office furniture 700

167 equipment 16000

633 Insurance expense 600

401 Interest earned 70

623 interest expense 30

233 Long - term notes payable 4,000

145 Notes receivable 5,000

183 Office Furniture 5,100

104 Short -term investments 4,000

126 Supplies 750

637 Supplies Expense 2,150

652 Telephone Expense 470

203 Unearned Consulting fees 375

688 Utilities Expense 3,230

612 Wages Expense 38,000

Totals $86,230 $86,230

Required Prepare the closing entries.

Answer 1

Income Statement
Revenues:
Consulting fees earned	45,000
Interest earned	70
Total revenue		45,070
Expenses:
Depreciation expense, equipment	1,000
Depreciation expense, office furniture	700
Insurance expense	600
Interest expense	30
Supplies Expense	2,150
Telephone Expense	470
Utilities Expense	3,230
Wages Expense	38,000
Total expenses		-46,180
Net Loss		($1,110)

Date	General Journal	Debit	Credit
Dec-31	Consulting fees earned	$45,000
	Interest earned	$70
	Income Summary		$45,070
	( To close revenues)
Dec-31	Income Summary	$46,180
	Depreciation expense, equipment		$1,000
	Depreciation expense, office furniture		$700
	Insurance expense		$600
	Interest expense		$30
	Supplies Expense		$2,150
	Telephone Expense		$470
	Utilities Expense		$3,230
	Wages Expense		$38,000
	( To close expenses)
Dec-31	Dan Eagle,capital	$1,110
	Income Summary		$1,110
	( To close income summary)
Dec-31	Dan Eagle,capital	$3,500
	Dan Eagle, withdrawals		$3,500
	( To close drawings account)

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