Question

Cash 11 1,500 Accounts Receivable 12 2,000 Interest Receivable 13 100 Prepaid Insurance 14 1,600 Notes...

Cash 11 1,500
Accounts Receivable 12 2,000
Interest Receivable 13 100
Prepaid Insurance 14 1,600
Notes Receivable (long-term) 16 2,800
Equipment 18 15,000
Accumulated Depreciation 19 3,000
Accounts Payable 21 2,400
Accrued Expenses Payable 22 3,920
Income Taxes Payable 23 2,700
Unearned Rent Fees 24 500
Robert Evans, Capital 31 7,700
Robert Evans, Drawing 32 2,000
Rent Fees Earned 41 37,000
Furniture Rental Revenue 42 1,200
Interest Revenue 43 100
Wages Expense 51 19,000
Depreciation Expense 52 1,800
Utilities Expense 53 320
Insurance Expense 54 700
Maintenance Expense 55 9,000
Income Tax Expense 56 2,700
58,520 58,520
Journalize the entry required to close the revenue and expense accounts at the end of the period. If an amount box does not require an entry, leave it blank.
Dec. 31


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Homework Answers

Answer #1
Date Particuler Debit Credit
Dec 31 Robert Evans Capital dr (Working note) $1220
To Income summary $ 1220

Working note - Computation income/ loss

Amount Amount
Revenue
Rent Fees Earned $31000
Furniture Rental Revenue $1,200
Interest Revenue $100
Total revenue $32300
Expenses
Wages $19000
Depreciation $1800
Utilities $320
Insurance $700
Maintenance $9000
Income Tax $2700
Total expenses $33,520

Net Income / (Loss)

Total revenue - Total expenses

$32,300 - $33,2501

 ($1220)
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