Explain the closing entry process and prepare the closing entries in journal for
ID: 2371174 • Letter: E
Question
Explain the closing entry process and prepare the closing entries in journal form based on the information in question 1.
POST INC. BANK RECONCILIATION
Cash balance per bank $8,200
Cash balance per books (general ledger) $6,500
Outstanding checks $2,460
Check mailed to the bank for deposit had not reached the bank by the statement date. $500
NSF check returned by the bank for accounts receivable $100
July interest earned on the bank statement $20
Check no. 700 for misc. expense cleared the bank for $200; erroneously recorded in our books for $20
~ Prepare a bank reconciliation.
~ Shown the accounting entries that must be made by
~ Matrix Inc. in journal entry and T-Account format.
Fill in the blanks:
Sales Revenue $800
Beginning Inventory $100
Purchases $700
Available for Sale ?
Ending Inventory $500
Cost of Goods Sold ?
Gross Profit ?
Operating Expenses $200
Net Income ?
Assume you serve on the board of a local golf and country club. In preparation for renegotiating the club
Explanation / Answer
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