Question

The accounting records for Gary’s Dog Training, Inc. contained the following balances at December 31 –...

The accounting records for Gary’s Dog Training, Inc. contained the following balances at December 31 – the company’s year-end. Adjusting entries have been journalized and posted. So, these account balances are the adjusted (correct) balances.

REQUIRED:

Prepare the closing entries for Gary’s Dog Training, Inc.

Cash                                                                $32,350

Accounts receivable                                              5,400

Supplies                                                                  850

Prepaid insurance                                                 2,100

Building                                                           40,500

Accumulated depreciation-building                       7,500

Equipment                                                       22,300

Accumulated depreciation-equipment                    3,400

Accounts payable                                                 6,500

Unearned service revenue                                   15,900

Salary payable                                                         900

Common stock                                                 50,200

Retained earnings                                             16,250

Dividends                                                            3,500

Service revenue                                                46,000

Advertising expense                                             3,800

Utilities expense                                                   4,000

Insurance expense                                                    900

Supplies expense                                                     300

Depreciation expense–Building                             1,500

Depreciation expense–Equipment                             600

Salary expense                                                   12,000

Business   Accounting   
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Homework Answers

Answer #1

Closing entries:

Date account and explanation debit credit
Service revenue 46000
Income summary 46000
(To record close revenue)
Income summary 23100
Advertising expense   3800
  Utilities expense 4000
Insurance expense 900
  Supplies expense 300
Depreciation expense–Building 1500
Depreciation expense–Equipment 600
Salary expense 12000
(To close expense account)
Income summary 22900
Retained earnings 22900
(To close net income)
Retained earnings 3500
Dividends 3500
(To close dividend)
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