#Chapter 4 Asignación (Recovered)
#Chapter 4 Asignación (Recovered)
#Chapter 4 Asignación (Recovered)
Instructions
a) Jornalize y post the adjusting entries. (Value 127)
b) Prepare the adjusted trial balance. (Value 54)
c) Prepare the income statement (Value 34), the statement of owner’s equity (Value 27) and a cla
d) Jornalize and post the closing entries (Value 116)
e) Prepare a post-closing trial balance. (Value 45)
Closing Entries
GENERAL LEDGER
cash
Date Explanation Ref Debit
28-Feb ✓ 25,600.00
accounts receivable
Date Explanation Ref Debit
28-Feb ✓ 18,000.00
J-14 2,500.00
J-14 15,000.00
supplies
Date Explanation Ref Debit
28-Feb ✓ 5,600.00
J-14
prepaid insurance No
Date Explanation Ref Debit
28-Feb ✓ 18,500.00
J-14
equipment
Date Explanation Ref Debit
28-Feb ✓ 60,000.00
building
Date Explanation Ref Debit
28-Feb ✓ 50,000.00
goodwill
Date Explanation Ref Debit
28-Feb ✓ 26,300.00
Notes payable
Date Explanation Ref Debit
28-Feb ✓
accounts payable
Date Explanation Ref Debit
28-Feb ✓
Mortgage payable
Date Explanation Ref Debit
28-Feb ✓
interest payable
Date Explanation Ref Debit
28-Feb J-14
owner's drawings
Date Explanation Ref Debit
28-Feb ✓ 5,400.00
J-14
service revenue
Date Explanation Ref Debit
28-Feb ✓
J-14
J-14
J-14 57,500.00
utilities expense
Date Explanation Ref Debit
28-Feb ✓ 12,000.00
J-14
advertising expense
Date Explanation Ref Debit
28-Feb ✓ 5,600.00
J-14
insurance expense
Date Explanation Ref Debit
28-Feb J-14 4,625.01
J-14
supplies expense
Date Explanation Ref Debit
28-Feb J-14 3,100.00
J-14
depreciation expense
Date Explanation Ref Debit
Feb-28 J-14 11,250.00
J-14
interest expense
Date Explanation Ref Debit
28-Feb J-14 1,250.00
J-14
Income Summary
Date Explanation Ref Debit
28-Feb J-14
J-14
Expenses
Salaries and Wages Expenses $ 32,000.00
Utilities Expense 12,000.00
Advertising Expense 5,600.00
Insurance Expense 4,625.01
Supplies Expense 3,100.00
Depreciation Expense 11,250.00
Interest Expense 1,250.00
Total Expenses 69,825.01
Fixed Assets
Land for Investment 23,000.00
Equipment 60,000.00
Accumulated Depreciation- Equipment (31,000.00)
Building 50,000.00
Accumulated Depreciation- Building (21,625.00)
Intangible Assets
Goodwill 26,300.00
Current Liabilities
Notes Payable 45,000.00
Accounts Payable 35,000.00
Salaries and Wages Payable 17,000.00
Unearned Service Revenue 5,000.00
Mortgage Payable 50,000.00
Interest Payable 1,750.00
Equity
Owner's Capital 30,000.00
RetainedbEarnings (4,688.00)
127
54
owner’s equity (Value 27) and a classified balance sheet (Value 58). 119
116
45
Total value 461
AL J-14 47
Credit
2,500.00
1,250.00
3,100.00
15,000.00
4,625.01
Magaly Hernandez:
25,000.00 accumulated depreciation
- equipment.
6,000.00
5,250.00
Magaly Hernandez:
se debita service revenue
y se acredita income
summary 43
Closing entries
57,500.00
32,000.00
12,000.00
5,600.00
4,625.01
3,100.00
11,250.00
1,250.00
(12,325.01)
5,400.00
ceivable No.105
Credit Balance
18,000.00
20,500.00
35,500.00
pplies No.110
Credit Balance
5,600.00
3,100.00 2,500.00
surance No.____115
Credit Balance
18,500.00
4,625.01 13,874.99
or investment No.118
Credit Balance
23,000.00
ment No.120
Credit Balance
60,000.00
uilding No.130
Credit Balance
50,000.00
goodwill No.150
Credit Balance
26,300.00
es payable No.201
Credit Balance
45,000.00 45,000.00
ts payable No.210
Credit Balance
35,000.00 35,000.00
ce revenue No.215
Credit Balance
10,000.00 10,000.00
ge payable No.218
Credit Balance
50,000.00 50,000.00
st payable No.220
Credit Balance
1,250.00 1,250.00
es payable No.225
Credit Balance
25,000.00 25,000.00
owner's capital No.300
Credit Balance
30,000.00 30,000.00
42,325.01
36,925.01
expense No.625
Credit Balance
3,100.00
3,100.00
on expense No.630
Credit Balance
11,250.00
11,250.00
expense No.632
Credit Balance
1,250.00
1,250.00
20
Magaly Hernandez:
February 28, 2022
34
20
14
20
Magaly Hernandez:
For the quarter ended,
February 28, 2022 7
20
43
20
25
397