Kapiolani Computer Products provides computer consulting services to engineering
ID: 2422506 • Letter: K
Question
Kapiolani Computer Products provides computer consulting services to engineering students. To accommodate the company’s sales cycle, the year-end is May 31. Selected balances from the General Ledger of Kapiolani Computer Products are as follows. All accounts carry the normal or expected balance.
Accounts Payable
$50,000
Accumulated Depreciation Truck
25,000
Prepaid Insurance
2,300
Cash
10,000
Queenie Kapiolani, Capital
450,000
Queenie Kapiolani, Drawings
14,000
Office Supplies Expense
2,500
Depreciation Expense, Truck
2,000
Office Rent Expense
9,000
Wage Expense
18,000
Office Supplies
5,000
Repair and Maintenance Expense
3,000
Dues and Licenses Expense
5,000
Service Revenue
115,500
REQUIRED: Prepare closing entries, in good form, in the General Journal below, for May 31, 2015. Omit explanations.
Accounts Payable
$50,000
Accumulated Depreciation Truck
25,000
Prepaid Insurance
2,300
Cash
10,000
Queenie Kapiolani, Capital
450,000
Queenie Kapiolani, Drawings
14,000
Office Supplies Expense
2,500
Depreciation Expense, Truck
2,000
Office Rent Expense
9,000
Wage Expense
18,000
Office Supplies
5,000
Repair and Maintenance Expense
3,000
Dues and Licenses Expense
5,000
Service Revenue
115,500
Explanation / Answer
Account Title & Explanation Debit Credit Income Summary 39500 Office Supplies Expense 2500 Depreciation Expense, Truck 2000 Office Rent Expense 9000 Wage Expense 18000 Repair and Maintenance Expense 3000 Dues and Licenses Expense 5000 Service Revenue 115500 Income Summary 115500 Queenie Kapiolani, Capital 14000 Queenie Kapiolani, Drawings 14000 Income Summary (115500-39500) 76000 Queenie Kapiolani, Capital 76000
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