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The adjusted trial balance of JT Music Production, Inc. follows JT Music Productions, Inc Adjusted Trial...

The adjusted trial balance of JT Music Production, Inc. follows

JT Music Productions, Inc

Adjusted Trial Balance

December 31

Cash 55,000

Supplies 5,000

Prepaid Insurance 10,000

Studio Equipment 75,000

Accumulated Depreciation-Studio Equipment 10,000

Accounts Payable 5,000

JT, Capital 100,000

JT, withdrawals 7,000

Revenue 65,000

Salaries expense 5,000

Depreciation expense 5,000

Rent expense 10,000

Supplies expense 2,000

Utilities expense 5,000

Insurance expense 11,000

Totals 190,000 190,000

a) prepare the closing entries for JT Music Productions, Inc

b) What is the balance of JT's capital account after the closing entries are posted?

Business   Accounting   
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Answer #1

Closing entries

No General Journal Debit Credit
1 Revenue 65000
Income summary 65000
(To record close revenue)
2 Income summary 38000
Salaries expense 5000
Depreciation expense 5000
Rent expense 10000
Supplies expense 2000
Utilities expense 5000
Insurance expense 11000
3 Income summary 27000
JT, Capital 27000
4 JT, Capital 7000
JT, Withdrawal 7000

b) Balance of JT, Capital account after closing entries = 100000+27000-7000 = $120000

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