Required Prepare the closing journal entries at the end of the fiscal year, June

Question

Required Prepare the closing journal entries at the end of the fiscal year, June 30, 2012. blem 4-2 are income ment, statement tained earnings, ified balance The adjusted trial balance for Denver Architects, Inc., follows. 1. The pre 2. The ea DENVER ARCHITECTS, INC. Adjusted Trial Balance December 31, 2012 4. Tra closing entries ost-closing trial ce (L.O. 3-5, 7) Debits Credits Cash $ 90,000 20,000 Interest Receivable Notes Receivable Prepaid Insurance 4,000 Prepaid Rent Supplies on Hand Equipment Accumulated Depreciation-Equipment Buildings Accumulated Depreciation-Buildings 60,000 $ 12,500 56,240 15,000 Accounts Payable Notes Payable Interest Payable Salaries Payable Capital Stock Retained Earnings, January 1, 2012 Dividends Service Revenue Insurance Expense Rent Expense Advertising Expense Depreciation Expense-Equipment Depreciation Expense-Buildings 10,000 750 7,000 20,200 360,000 40,000 1,920 9,600 3,000 Supplies Expense 150,000 Salaries Expense Interest Expense Interest Revenue 585,650 $585,650

Explanation / Answer

Service revenue 360000 Interest revenue 200         Income Summary 360200 Income Summary 171250         Insurance expense 1920         Rent expense 9600         Advertising expense 1200         Depreciation expense-Equipment 2500         Depreciation expense-Buildings 3000         Supplies expense 2280         Salaries expense 150000         Interest expense 750 Income Summary 188950          Retained earnings 188950 Retained earnings 40000          Dividends 40000

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.