A partially completed worksheet for At Home Pet Grooming Service, a firm that gr

Question

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner's home, follows Required: 1. Complete the worksheet. 2. Record the adjusting entries in the general journal (transactions 1-3). 3. Record the closing entries in the general journal (transactions 4-7) 4. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances 5. Prepare a post-closing trial balance Analyze: What total debits were posted to the general ledger to complete all closing entries for the month of December?

Explanation / Answer

5)

AT HOME PET GROOMING SERVICE

POST CLOSING TRIAL BALANCE

DECEMBER 31 2019

***Net Income :53200-22360=30840

Shara johns capital =Capital (unadjusted) + net income -drawings

      = 91000+30840-6000

       = 115840

Analyze:Total debit is equal to revenue debited /closed to shara johns capital account =$ 22360 total expense + 6000 drawings = 28360

AT HOME PET GROOMING SERVICE

POST CLOSING TRIAL BALANCE

DECEMBER 31 2019

Account Debit credit cash 64100 Accounts receivable 10900 supplies 7800 prepaid advertising 4200 Equipment 42000 Accumulated depreciAtion -equipment 1160 Accounts payable 12000 Shara johns capital 115840 Total 129000 129000

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