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Let it Snow Manual Practice Set Part 4 (A) The adjusted trial balance for Let it...

Let it Snow Manual Practice Set Part 4 (A)

The adjusted trial balance for Let it Snow is shown below.

Let it Snow
Adjusted Trial Balance
as at 30 June 20XX
Account Number Account

Debit

Credit

100

 Bank Account 7,252.42

105

 Petty Cash 200.00

110

 Accounts Receivable 7,543.00

120

 Prepaid Insurance

130

 Prepaid Rates and Taxes

140

 GST Paid (Outlays) 2,492.33

160

 Buildings and Improvements (Cost) 350,000.00

161

 Accumulated Depreciation – Bldgs and Improvements 44,479.00

170

 Hire Equipment (Cost) 110,937.73

171

 Accumulated Depreciation – Hire Equipment 68,964.00

180

 Motor Vehicles (Cost) 29,900.00

181

 Accumulated Depreciation – Motor Vehicles 9,468.00

190

 Store Equipment (Cost) 14,700.00

191

 Accumulated Depreciation – Store Equipment 6,799.00

200

 Accounts Payable 5,337.00

210

 GST Collected 6,737.73

220

 PAYG Withholding Payable 1,660.00

230

 Superannuation Payable 414.00

240

 Wages and Salaries Payable 80.00

280

 Bank Loan 219,191.67

310

 Capital 151,156.00

315

 Drawings 39,042.00

400

 Hire Service Income 127,226.19

410

 Lesson Income 30,810.00

420

 Discounts Received 515.69

430

 Freight Collected 85.00

440

 Profit on Sale of PPE 276.82

600

 Advertising 2,150.00

605

 Bank Charges 127.10

610

 Cleaning 900.00

615

 Depreciation 38,658.00

620

 Discounts Given 309.60

625

 Electricity 3,480.50

630

 Freight Expense 1,111.44

635

 Insurance 4,575.00

640

 Interest Expense 15,194.47

645

 Motor Vehicle Expenses 2,610.00

650

 Office Supplies 118.80

655

 Printing and Postage 165.46

660

 Rates and Taxes 1,977.00

665

 Repairs and Maintenance 995.00

670

 Ski Instruction Charges 14,921.82

675

 Staff Amenities 260.83

680

 Superannuation 1,818.00

685

 Telephone 1,479.60

690

 Wages and Salaries 20,280.00
673,200.10 673,200.10

Using the adjusted trial balance above, complete the general journal entries to close off the accounts for the end of the reporting period, post to and balance the general ledger accounts.

Solutions

Expert Solution

Let it Snow
Closing entries for the period ending June 30, 20XX
Date Accoun Title Debit Credit
June.30 Hire service Income 127226.19
Lesson Income 30810.00
Discount Received 515.69
Freight Collected 85.00
Profit on sale ofPPE 276.82
Income Summary 2150.00
(Closing of the revenue and credit balances to income summary ) 161063.70
June.30 Income Summary 111132.62
Advertising 2150.00
Bank Charges 127.10
Cleaning 900.00
Depreciation 38658.00
Discount Given 309.60
Electricity 3480.50
Freight Expense 1111.44
Insurance 4575.00
Interest Expense 15194.47
Motor Vehicle Expense 2610.00
Office Supplies Expense 118.80
Printing and Postage 165.46
Rates and Taxes 1977.00
Repair and Maintenance 995.00
Ski Instruction Charges 14921.82
Staff Amenities 260.83
Superannuation 1818.00
Telephone 1479.60
Wages and Salaries 20280.00
(Closing of the expense and debit balances to income summary)
June.30 Income Summary 49931.08
Capital 49931.08
(Closing Income Summary to Capital)
June.30 Capital 39042.00
Drawings 39042.00
(Closing of drawings account to capital account)
Hire service income No.400 Lesson Income No.410
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 127226.19 June.30 Bal. 30810.00
June.30 Closing 127226.19 0.00 June.30 Closing 30810.00 0.00
0.00 0.00
Discount Received No.420 Freight Collected No.430
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 515.69 June.30 Bal. 85.00
June.30 Closing 515.69 0.00 June.30 Closing 85.00 0.00
0.00 0.00
Profit on sale of PPE No.440 Advertising No.600
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 276.82 June.30 Bal. 2150.00
June.30 Closing 276.82 0.00 June.30 Closing 2150.00 0.00
0.00 0.00
Bank Charges No.605 Cleaning No.610
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 127.10 June.30 Bal. 900.00
June.30 Closing 127.10 0.00 June.30 Closing 900.00 0.00
0.00 0.00
Depreciation No.615 Discount Given No.620
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 38658.00 June.30 Bal. 309.60
June.30 Closing 38658.00 0.00 June.30 Closing 309.60 0.00
0.00 0.00
Electricity No.625 Freight Expense No.630
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 3480.50 June.30 Bal. 1111.44
June.30 Closing 3480.50 0.00 June.30 Closing 1111.44 0.00
0.00 0.00
Insurance No.635 Interest Expense No.640
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 4575.00 June.30 Bal. 15194.47
June.30 Closing 1575.00 3000.00 June.30 Closing 15194.77 -0.30
3000.00 -0.30
Motor Vehilce Expense No.645 Office Supplies Expense No.650
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 2610.00 June.30 Bal. 118.80
June.30 Closing 2610.00 0.00 June.30 Closing 118.80 0.00
0.00 0.00
Printing and Postage No.655 Rates and Taxes No.660
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 165.46 June.30 Bal. 1977.00
June.30 Closing 165.46 June.30 Closing 1977.00 0.00
165.46 0.00
Repairs and Maintenance No.665 Ski Instruction charges No.670
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 995.00 June.30 Bal. 14921.82
June.30 Closing 995.00 0.00 June.30 Closing 14921.00 0.82
0.00 0.82
Staff Amenities No.675 Superannuation No.680
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 260.83 June.30 Bal. 1818.00
June.30 Closing 260.83 0.00 June.30 Closing 1818.00 0.00
0.00 0.00
Telephone No.685 Salaries and Wages No.690
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 1479.60 June.30 Bal. 20280.00
June.30 Closing 1479.60 0.00 June.30 Closing 20280.00 0.00
0.00 0.00
Capital No.310 Drawings No.315
Balance Balance
Date Details Debit Credit Debit Credit Date Details Debit Credit Debit Credit
June.30 Bal. 151156.00 June.30 Bal. 39042.00
June.30 Closing 49931.08 201087.08 June.30 Closing 39042.00 0.00
June.30 Closing 39042.00 162045.08

ekkarill92 answered 1 year ago
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