Thanks. The December 31, 2017, adjusted trial balance of Business Solutions (ref
ID: 2341566 • Letter: T
Question
Thanks. The December 31, 2017, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2017) follows. Debit Credit 101 Cash 106 Aecounta receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 OEfice equipment 164 Acaumulated depreciation-Office equipment 167 Conputer equipment 168 Accumulated depreciation-Computer equipment 201 Aecounts payable 210 Wages payable 236 Unearned computer services revenue 01 S. Rey, Capital 302 . Rey, Withdravals 403 Computer mervice revenue 612 Depreeiation expense-office equipment 613 Depreciation expense Conputer equipment 623 Wages expense 637 Insurance expense 640 Rent expense 652 Conputer supplies expense 655 Advertiaing expense 676 Nileage expense 677 Miscellaneous expensers 84 Repairs expense Computer 901 Ineome surmary $ 52,061 4,968 640 1,530 820 8,700 435 21,600 1, 350 1,800 440 2,100 67,000 7,200 41,119 435 1,350 ,400 510 ,460 3,705 2,660 752 230 1,215 Totals 114,244 114,244 1. Record the closing entries for Business Solutionss. 2. Prepare a post-closing trial balance as of December 31, 2017 Complete this question by entering your answers in the tabs belowExplanation / Answer
Answer
Date
General Journal
Debit
Credit
31-Dec-17
Computer Service revenue
$ 41,119.00
Income Summary
$ 41,119.00
(revenue account closed)
31-Dec-17
Income Summary
$ 16,725.00
Depreciation expense - Office Equipment
$ 435.00
Depreciation expense - Computer Equipment
$ 1,350.00
Wages Expenses
$ 3,400.00
Insurance expense
$ 510.00
Rent Expense
$ 2,460.00
Computer Supplies expense
$ 3,705.00
Advertising expense
$ 2,668.00
Mileage Expense
$ 752.00
Miscellaneous expenses
$ 230.00
Repairs Expense Computer
$ 1,215.00
(Expense accounts closed)
31-Dec-17
Income Summary
$ 24,394.00
S Rey Capital
$ 24,394.00
(Net Income balance of Income Summary Closed)
31-Dec-17
S Rey Capital
$ 7,200.00
S Rey Withdrawals
$ 7,200.00
(Withdrawals account closed)
Account title
Debit
Credit
Cash
$ 52,061.00
Accounts receivables
$ 4,968.00
Computer Supplies
$ 640.00
Prepaid Insurance
$ 1,530.00
Prepaid Rent
$ 820.00
Office Equipment
$ 8,700.00
Accumulated Depreciation Office Equipment
$ 435.00
Computer Equipment
$ 21,600.00
Accumulated Depreciation Computer Equipment
$ 1,350.00
Accounts Payable
$ 1,800.00
Wages Payable
$ 440.00
Unearned Computer Service revenue
$ 2,100.00
S Rey Capital
$ 84,194.00
TOTAL
$ 90,319.00
$ 90,319.00
Date
General Journal
Debit
Credit
31-Dec-17
Computer Service revenue
$ 41,119.00
Income Summary
$ 41,119.00
(revenue account closed)
31-Dec-17
Income Summary
$ 16,725.00
Depreciation expense - Office Equipment
$ 435.00
Depreciation expense - Computer Equipment
$ 1,350.00
Wages Expenses
$ 3,400.00
Insurance expense
$ 510.00
Rent Expense
$ 2,460.00
Computer Supplies expense
$ 3,705.00
Advertising expense
$ 2,668.00
Mileage Expense
$ 752.00
Miscellaneous expenses
$ 230.00
Repairs Expense Computer
$ 1,215.00
(Expense accounts closed)
31-Dec-17
Income Summary
$ 24,394.00
S Rey Capital
$ 24,394.00
(Net Income balance of Income Summary Closed)
31-Dec-17
S Rey Capital
$ 7,200.00
S Rey Withdrawals
$ 7,200.00
(Withdrawals account closed)
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