Question

1. Demonstrate the flow of accounting, from the general journal to the income statement and balance...

1. Demonstrate the flow of accounting, from the general journal to the income statement and balance sheet. Label each component and show, with arrows, the progression.

11. Please use the following account balances to “close the books”, a.k.a make the closing entries. There will be two journal entries here.

Utility Expense $3,000; Revenue $15,800; Salary Expense $4,000; Travel Expense $1,950.

17. Please make the following adjustments to your business’s working trial balance on the following page. You need to provide an adjusted trial balance for your company as of today.

A. You have performed $7,900 of services for a client but have not billed them yet. You plan on sending them a bill as soon as you get done eating a pizza.

B. You have prepaid for one year of insurance and four months of this insurance has been used up as of today.

C. One of your clients has prepaid you $2,200 for services that you will complete within two months of today.

D. Your equipment has a five year life and one year has been used up as of today.

Account           Working Trial Bal.         Adjustments             Adjusted Trial Balance

Cash                8,500

Prepaid Insur. 1,100

Accts. Receiv.

Equipment       5,500

Accum. Depr.

Unearned Rev.

Capital                               8,600

Revenue                            7,300

Insur. Exp.     

Rent Exp.             800

Depreciation                                                                                                                     .

Totals

Homework Answers

Answer #1

11. Prepare closing entries as follows:

Account Titles Debit Credit
Revenue $15,800
Income Summary $15,800
(To close revenue account)
Income Summary $8,950
Salary Expense $4,000
Travel Expense $1,950
Utility Expense $3,000
(To close expense account)

_____________________________________________________________

17.

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