Using the above please help (g) Prepare and post closing entries as of December

Question

Using the above please help (g)   Prepare and post closing entries as of December 31, 2014. (h)   Prepare a post-closing trial balance

The given transactions should be joumalized as follows Debit (S) Credit (S) Date Accounts Title and Explanation Dec. 1 No entry required. Dec. 5 Cash 90 60 Unearned Revenue Services Revenue 150 To reocrd earned services revenue Dec. 8 Cash 300 Accounts Receivable o record cash received on acount 300 Dec. 9Cash 750 Uneanred Revenue 750 To record cash received in advance or teaching classes Dec. 15 Accounts Payable 50 Cash o record cash vaid on accownt Dec. 16 Accounts Payable 600 Cash o reocrd cash vaid on accownt 600 Dec. 19 Cash 60 Uneanred Revenue 60 To record cash received in advance or teaching classes Dec. 23 Cash 3.000 1000 Accounts Receivable Services Revenue 4.000 o record services revenue eanred. Dec. 23 Supplies 1,250 Cash o reocrd purchase of supplies 1.250 Dec. 23 Wages e Cash 800 800 o record wages paid. 500 Dec. 28 |Dividend Cash 500 o record dividends vaid

Explanation / Answer

Closing Journal entries :

Sr. No. Journal Entry Debit Credit 1 Service Income 5450 To Wages Exp 856 To Telephone Exp 125 To Supplies 1070 To Depreciation exp 40 To Amortization exp 25 To Interest Exp 23 To Insurance exp 100 To Profit & Loss 3211 (To revenue & exp a/c balances transferred to profit & loss a/c) 2 Profit & Loss 3211 To Retained Earnings 3211 (To net income during the year transferred to Retained earning a/c) 3 Dividend 500 To Cash 500 (To dividend paid during the year) Retained Earning 500 To Dividend 500 (To dividend declared transferred to retained earning a/c) Post closing trial balance Cash 1340 Accounts receivable 1450 Supplies 400 Prepaid Insurance 1100 Equipment 1200 Accumulated Depreciation 40 Website 575 Accounts payable 75 Wages Payable 56 Interest Payable 23 Unearned Revenue 360 9% Note payable 2000 Common Stock 800 Retained earnings 2711 Total 6065 6065

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