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In: Accounting

On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the...

On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies, Inc. at the end of December 31, 2017. Again, all numbers should be cell references or formulas, not manually entered.

Grizzlies, Inc.
Income Statement
For the Month Ended December 31, 2017
Dr. Cr.
Revenues
Sales Revenue   $1,576,150.00
Cost of Goods Sold       975,000.00
Gross Profit         601,150.00
Operating Expenses
Sales Salaries Expense    282,560.00
Office Salaries Expense    153,240.00
Miscellaneous Administrative Expense        5,650.00
Miscellaneous Selling Expense      13,900.00
Depreciation Expense - Store Equipment      15,840.00
Depreciation Expense - Office Equipment      10,200.00
Store Supplies Expense      15,400.00
Shop Supplies Expense        3,600.00
Rent Expense        1,200.00
Insurance Expense        4,200.00
Utilities Expense-Store        1,118.00
Utilities Expense-Office           182.00
Total Operating Expenses $   507,090.00
Operating Income $     94,060.00
Non Operating Expenses  
Consulting Revenue      10,500.00
Rent Revenue      15,400.00
Interest Revenue
Interest Expense           360.00
Total Non Operating Expenses   $     25,540.00
Net Income $   119,600.00
Grizzlies, Inc.
Worksheet
For the Year Ended December 31, 2017
Unadjusted Adjusted
Trial Balance Adjustments Trial Balance Income Stmt Balance Sheet
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash        36,000        36,000        36,000
Accounts Receivable      277,000      277,000      277,000
Inventory      242,500      242,500      242,500
Prepaid Insurance        11,200          4,200          7,000          7,000
Prepaid Rent          3,000          1,200          1,800          1,800
Store Supplies                -            2,100          2,100          2,100
Shop Supplies          7,500          3,600          3,900          3,900
Store Equipment      120,000      120,000      120,000
Accumulated Depreciation - Store Equipment        13,200        15,840        29,040        29,040
Office Equipment        32,000        32,000        32,000
Accumulated Depreciation - Office Equipment          2,550        10,200        12,750        12,750
Accounts Payable        49,000        49,000        49,000
Salaries Payable        10,800        10,800        10,800
Interest Payable             360             360             360
Utilities Payable          1,300          1,300          1,300
Unearned Consulting Revenue        14,000        10,500          3,500          3,500
Unearned Rent Revenue        16,800        15,400          1,400          1,400
Note Payable        18,000        18,000        18,000
Common Stock      300,000      300,000      300,000
Retained Earnings      189,350      189,350      189,350
Dividends        12,800        12,800        12,800
Sales Revenue 1,576,150 1,576,150 1,576,150
Consulting Revenue        10,500        10,500       10,500
Rent Revenue        15,400        15,400       15,400
Interest Revenue
Cost of Goods Sold      975,000      975,000      975,000
Sales Salaries Expense      275,000          7,560      282,560      282,560
Office Salaries Expense      150,000          3,240      153,240      153,240
Miscellaneous Administrative Expense          5,650          5,650          5,650
Miscellaneous Selling Expense        13,900        13,900        13,900
Depreciation Expense - Store Equipment        15,840        15,840        15,840
Depreciation Expense - Office Equipment        10,200        10,200        10,200
Store Supplies Expense        17,500          2,100        15,400        15,400
Shop Supplies Expense          3,600          3,600          3,600
Rent Expense          1,200          1,200          1,200
Insurance Expense          4,200          4,200          4,200
Interest Expense             360             360             360
Utilities Expense-Store          1,118          1,118          1,118
Utilities Expense-Office             182             182             182
2,179,050 2,179,050        75,500        75,500 2,217,550 2,217,550 1,482,450 1,602,050      735,100      615,500
Net Income      119,600      119,600
1,602,050 1,602,050      735,100      735,100

Solutions

Expert Solution

  • All the closing entries required are provided below:

Date

Accounts Title

Debit

Credit

31-Dec-17

Sales Revenue

$               15,76,150.00

Consulting Revenue

$                     10,500.00

Rent Revenue

$                     15,400.00

Income Summary

$      16,02,050.00

(revenue accounts with credit balance closed by getting debited)

31-Dec-17

Income Summary

$               14,82,450.00

Cost of Goods Sold

$        9,75,000.00

Sales Salaries Expense

$        2,82,560.00

Office Salaries Expense

$        1,53,240.00

Miscellaneous Administrative Expense

$             5,650.00

Miscellaneous Selling Expense

$            13,900.00

Depreciation Expense - Store Equipment

$            15,840.00

Depreciation Expense - Office Equipment

$            10,200.00

Store Supplies Expense

$            15,400.00

Shop Supplies Expense

$              3,600.00

Rent Expense

$              1,200.00

Insurance Expense

$              4,200.00

Interest Expense

$                 360.00

Utilities Expense-Store

$              1,118.00

Utilities Expense-Office

$                  182.00

(expenses account with debit balances closed by getting credited)

31-Dec-17

Income Summary

$                 1,19,600.00

Retained earnings

$        1,19,600.00

(Net Income balance in income summary closed by transferring to Retained Earnings)

31-Dec-17

Retained earnings

$                     12,800.00

Dividends

$            12,800.00

(dividends account closed)


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