Account Tale&Explanation; 1-Mar Cah 1-Mar Prepaid insurance 77.183 Loan Payable

Question

Account Tale&Explanation; 1-Mar Cah 1-Mar Prepaid insurance 77.183 Loan Payable Accounts Payable 2-Mar Freight In 4-Mar Supplies 5 Mar No Entry 7-Mar No Entry 20-Mar Accounts Payable Sales Dicount ,575 12-Mar Salaries Expense Salaries Payable 1.830 Accounts Payable 51.850 7,536 1S- Mar Freight Out rantion on 5th March has not been passed because the freight has been paid by purchaser Transaction on 7th March has not been passed because Biker Betty has been only hired and no salary has been paid Loan Payable 17-Mar Salary Payable 18-Mar Accounts Payable

Explanation / Answer

Closing Journal Entry Date Particulars Dr. Amt. Cr. Amt. 31-Mar Sales Revenue    234,105.00     Income Summary    234,105.00 (To record the closing entry for revenue accounts) 31-Mar Income Summary    167,600.00    Sales Discount        1,575.00    Sales Returns & Allowances      18,300.00    Cost of Goods Sold      87,379.00    Salaries Expense        6,021.00    Freight Out        1,489.00    Utilities Expense        3,247.00    Supplies Expense        2,400.00    Insurance Expense        1,379.00    Depreciation Expense - Building        1,918.00    Depreciation Expense - Bike Making Machine        2,222.00    Interest Expense        6,602.00    Federal Income Tax      35,068.00 (To record the closing entry for expenses accounts) 31-Mar Income Summary      66,505.00    Retained Earnings      66,505.00 (To record the net income earned) 31-Mar Retained Earnings        6,666.00     Cash Dividends        6,666.00 (To record the closing entry for dividends paid) Trial Balance Dr. Amt. Cr. Amt. Cash        315,145.00 Accounts Receivable          45,555.00 Prepaid Insurance            6,895.00 Merchandise Inventory          20,580.00 Supplies                351.00 Land        276,543.00 Building        920,640.00 Accumulated Depreciation - Building            1,918.00 Machine        348,304.00 Accumulated Depreciation - Bike Making Machine            2,222.00 Accounts Payable          16,998.00 Loan Payable    1,020,000.00 Salaries Payable            1,577.00 Interest Payable            6,602.00 Federal Income Tax Payable          35,068.00 Common Stock        789,789.00 Cash Dividend            6,666.00 Sales Revenue        234,105.00 Sales Discount            1,575.00 Sales Returns & Allowances          18,300.00 Cost of Goods Sold          87,379.00 Salaries Expense            6,021.00 Freight Out            1,489.00 Utilities Expense            3,247.00 Supplies Expense            2,400.00 Insurance Expense            1,379.00 Depreciation Expense - Building            1,918.00 Depreciation Expense - Bike Making Machine            2,222.00 Interest Expense            6,602.00 Federal Income Tax          35,068.00 Total    2,108,279.00    2,108,279.00

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