Question

The adjusted trial balance shown bel ow is for Smith Company at the end of its...

The adjusted trial balance shown bel

ow is for

Smith

Company at the end of its fiscal year:

SMITH

COMPANY

Adjusted Trial Balance

December 31, 201

7

________________________________

________________________________

___________

Debit

Credit

Cash

................................

................................

................................

...

$ 15,400

Accounts Receivable

................................

................................

...........

2,200

Supplies

................................

................................

..............................

1,800

Equipment

................................

................................

...........................

15,500

Accumulated Depreciation

—

Equipment

................................

..............

$ 4,000

Accounts Paya

ble

................................

................................

...............

3,000

Unearned Service Revenue

................................

................................

5,000

Common Stock

................................

................................

....................

15,000

Retained Earnings

................................

................................

..............

7,400

Dividends

................................

................................

............................

3,500

Service Revenue

................................

................................

.................

9,500

Supplies Expense

................................

................................

...............

1,100

Depreciation Expense

................................

................................

.........

2,500

Rent Expense

................................

................................

.....................

1,900

$43,900

$43,900

Instructions:

Prepare the closing

journal

entries for the temporary accounts at

December

31.

Business   Accounting   
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Homework Answers

Answer #1

The closing journal entries for the given adjusted trial balances is shown as follows:-

  Journal Entries (Amounts in $)

Date Account Titles and Explanation Debit Credit
Dec 31 Service Revenue 9,500
Income Summary 9,500
(To close the revenue accounts)
Dec 31 Income Summary 5,500
Supplies Expense 1,100
Depreciation Expense 2,500
Rent Expense 1,900
(To close the expense accounts)
Dec 31 Income Summary (9,500-5,500) 4,000
Retained Earnings 4,000
(To close the income summary account)
Dec 31 Retained Earnings 3,500
Dividends 3,500
(To close the dividends account)

Notes:

1) Difference between income summary is transferred to retained earnings (which is net income).

2) Dividends accounts is credited and transferred to retained earnings.

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