The Complete Accounting Cycle Without a Work Sheet: Two Months (second month opt
ID: 2499996 • Letter: T
Question
The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
Ledger balances on June 30 (after adjustments) for Lutz Repair Service are as follows.
6. Provide a posting reference once the amounts are posted to the appropriate ledgers in next section of this problem.. For a compound transaction, if no entry is required, leave the amount boxblank.
GENERAL JOURNAL
3
2014 Jun. 30
To close the revenue account
Jun. 30
To close the expense accounts
Jun. 30
To close the Income Summary account
Jun. 30
To close the Withdrawals account
Post the information to the following ledger accounts. If no entry is required, leave the box blank. If a "Balance" is zero, then enter "0". When more than one entry occurs on a date, enter in the order given in the General Journal above.
7. Prepare a post-closing trial balance. If no entry is required, enter "0" or leave the box blank.
Lutz Repair Service
Post-Closing Trial Balance
June 30, 2014
Account Balance Accounts Payable 15,372 Accumulated Depreciation-Repair Equipment 280 Advertising Expense 240 B. Lutz, Capital 20,000 B. Lutz, Withdrawals 1,200 Cash 17,140 Depreciation Expense-Repair Equipment 280 Insurance Expense 160 Prepaid Insurance 1,760 Repair Equipment 16,800 Repair Revenue 5,500 Repair Supplies 676 Repair Supplies Expense 1,196 Store Rent Expense 1,700
Explanation / Answer
Answer No. 6
(To close the revenue account )
( To Close the expense account)
( To close the income summary account)
( To Close the Withdrawls account)
Answer no. 7
Account Title & Explanation Debit credit Repair revenue 5500 Income Summary 5500Related Questions
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