On the “CJE” worksheet, prepare the closing entries in good form for Grizzlies,
ID: 2391251 • Letter: O
Question
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 $ 119,600.00Explanation / Answer
Answer
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)
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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