On the basis of the following data taken from the Adjusted Trial Balance columns
ID: 2415815 • Letter: O
Question
On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Banes Domino's Corporation. Banes Domino's Corporation ADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 30,000.00 2 Accounts Receivable 45,200.00 3 Supplies 5,000.00 4 Equipment 169,900.00 5 Accumulated Depreciation 32,000.00 6 Accounts Payable 12,500.00 7 Common Stock 51,600.00 8 Retained Earnings 20,000.00 9 Dividends 47,000.00 10 Fees Earned 510,000.00 11 Salary Expense 244,500.00 12 Rent Expense 48,000.00 13 Depreciation Expense 25,000.00 14 Supplies Expense 9,500.00 15 Miscellaneous Expense 2,000.00 16 Totals 626,100.00 626,100.00 Required: Journalize the four closing entries. Refer to the Chart of Accounts for exact wording of account titles.
NEED HELP MAKING A GENERAL JOURNAL
Journalize the four closing entries on March 31. Refer to the Chart of Accounts for exact wording of account titles.
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CHART OF ACCOUNTS Banes Domino's Corporation General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 16 Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income SummaryNEED HELP MAKING A GENERAL JOURNAL
Journalize the four closing entries on March 31. Refer to the Chart of Accounts for exact wording of account titles.
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DATE DESCRIPTION POST. REF. DEBIT CREDIT1
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REVENUE 41 Fees Earned EXPENSES 51 Salary Expense 52 Rent Expense 53 Depreciation Expense 54 Supplies Expense 59 Miscellaneous ExpenseExplanation / Answer
DATE DESCRIPTION POST. REF. DEBIT CREDIT 31-Dec Fees Earned 41 $510,000 Income summary 34 $510,000 (Close Income account to Income summary) 31-Dec Income Summary 34 329000 Salary expense 51 244500 Rent Expense 52 48000 Depreciation Expense 53 25000 Supplies Expense 54 9500 Miscellaneous Expense 59 2000 (Close Expenses accpunt to Income Summary) 31-Dec Income Summary 34 $181,000 Retained Earnings 32 $181,000 (Closing income summary to Retained Earnings) 31-Dec Retained Earnings 32 $47,000 Dividends 33 $47,000 Close Dividend account to Reatined earnings)
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