1 Molly invested cash in business, $20,000. 1 Purchased (2) new ovens on account
ID: 2573869 • Letter: 1
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1 Molly invested cash in business, $20,000. 1 Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7 years. The ovens will be paid for in January, with no interest. 1 Molly paid rent for November and December, $3,000 total. 4 Purchased food supplies from Sammy’s Super Market on account, $2,000. 7 Deposited meal delivery fees, $3,400 10 Paid wages to kitchen workers, $2,000. 11 Purchased kitchen supplies with cash, $500. 14 Deposited meal delivery fees, $3,000. 15 Purchased food supplies from Sammy’s Super Market on account, $2,500. 21 Deposited meal delivery fees, $3,200. 24 Paid wages to kitchen workers, $2,050. 28 Deposited meal delivery fees, $3,050 30 Paid phone bill, $200. 30 Paid utilities bill, $500. 30 Molly Murphy withdrew cash for personal use, $3,000. Adjustment information for the end of November is provided below. (a) Food supplies remaining on hand, $2050. Beginning balance was $2100 (b) Kitchen supplies used during the month, $600. Beginning balance was $1200. (c) November rent was used. (d) Depreciation on the kitchen ovens for November, $75. All other ovens and kitchen equipment were fully depreciated earlier in the year. (e) Wages earned, but not yet paid at end of November, $950.I NEED THE CLOSING ENTRIES AND GENERAL LEDGER 1 Molly invested cash in business, $20,000. 1 Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7 years. The ovens will be paid for in January, with no interest. 1 Molly paid rent for November and December, $3,000 total. 4 Purchased food supplies from Sammy’s Super Market on account, $2,000. 7 Deposited meal delivery fees, $3,400 10 Paid wages to kitchen workers, $2,000. 11 Purchased kitchen supplies with cash, $500. 14 Deposited meal delivery fees, $3,000. 15 Purchased food supplies from Sammy’s Super Market on account, $2,500. 21 Deposited meal delivery fees, $3,200. 24 Paid wages to kitchen workers, $2,050. 28 Deposited meal delivery fees, $3,050 30 Paid phone bill, $200. 30 Paid utilities bill, $500. 30 Molly Murphy withdrew cash for personal use, $3,000. Adjustment information for the end of November is provided below. (a) Food supplies remaining on hand, $2050. Beginning balance was $2100 (b) Kitchen supplies used during the month, $600. Beginning balance was $1200. (c) November rent was used. (d) Depreciation on the kitchen ovens for November, $75. All other ovens and kitchen equipment were fully depreciated earlier in the year. (e) Wages earned, but not yet paid at end of November, $950.
I NEED THE CLOSING ENTRIES AND GENERAL LEDGER 1 Molly invested cash in business, $20,000. 1 Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7 years. The ovens will be paid for in January, with no interest. 1 Molly paid rent for November and December, $3,000 total. 4 Purchased food supplies from Sammy’s Super Market on account, $2,000. 7 Deposited meal delivery fees, $3,400 10 Paid wages to kitchen workers, $2,000. 11 Purchased kitchen supplies with cash, $500. 14 Deposited meal delivery fees, $3,000. 15 Purchased food supplies from Sammy’s Super Market on account, $2,500. 21 Deposited meal delivery fees, $3,200. 24 Paid wages to kitchen workers, $2,050. 28 Deposited meal delivery fees, $3,050 30 Paid phone bill, $200. 30 Paid utilities bill, $500. 30 Molly Murphy withdrew cash for personal use, $3,000. Adjustment information for the end of November is provided below. (a) Food supplies remaining on hand, $2050. Beginning balance was $2100 (b) Kitchen supplies used during the month, $600. Beginning balance was $1200. (c) November rent was used. (d) Depreciation on the kitchen ovens for November, $75. All other ovens and kitchen equipment were fully depreciated earlier in the year. (e) Wages earned, but not yet paid at end of November, $950.
I NEED THE CLOSING ENTRIES AND GENERAL LEDGER
Explanation / Answer
Closing Entries are:
General Ledger for Molly is as prepared below:
Closing Entries Date Particulars L.F Amount ($) Amount ($) Nov-30 Income Summary 12,650 Meal delivery Revenue 12,650 (For revenue closed) Nov-30 Wage Expense 5,000 Phone Expense 200 Utilities exp 500 Food Supplies expense 4,550 Kitchen supplies expense 600 Rent Expense 1,500 Depreciation - Ovens 75 Income Summary 12,425 (For expense closed) Nov-30 Income Summary 225 Molly Murphy Capital 225 (For closed to retained earnings)Related Questions
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