Question

Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are...

Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts
Beacon Signals Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2019
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Account Title Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,000.00 13,000.00
Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00
Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00
Supplies 3,000.00 (c) 2,250.00 750.00
Land 98,000.00 98,000.00
Building 500,000.00 500,000.00
Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00
Equipment 121,900.00 121,900.00
Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00
Accounts Payable 15,700.00 15,700.00
Salaries and Wages Payable (f) 4,900.00 4,900.00
Unearned Rent 2,100.00 (g) 1,300.00 800.00
Sarah Colin, Capital 238,100.00 238,100.00
Sarah Colin, Drawing 10,000.00 10,000.00
Fees Earned 388,700.00 (a) 12,500.00 401,200.00
Rent Revenue (g) 1,300.00 1,300.00
Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00
Advertising Expense 21,700.00 21,700.00
Utilities Expense 11,400.00 11,400.00
Depreciation Expense-Building (d) 9,000.00 9,000.00
Repairs Expense 8,850.00 8,850.00
Depreciation Expense-Equipment (e) 4,500.00 4,500.00
Insurance Expense (b) 3,000.00 3,000.00
Supplies Expense (c) 2,250.00 2,250.00
Miscellaneous Expense 4,350.00 4,350.00
1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00

Homework Answers

Answer #1
Closing entries are journal entries pass to close the temporary accounts of income statement and transferred the balance into permanent accounts
Date General Journal Debit Credit
31-Dec Fees earned $401,200
Rent revenue $1,300
    Income summary $402,500
(To close the revenue account)
31-Dec Income summary $233,050
    Salaries and wages expense $168,000
    Advertising expense $21,700
    Utilities expense $11,400
    Depreciation expense - Building $9,000
    Repairs expense $8,850
    Depreciation expense - Equipment $4,500
    Insurance expense $3,000
    Supplies expense $2,250
    Miscellaneous expense $4,350
(To close the expense account)
31-Dec Income summary $169,450
     Retained earnings $169,450
(To close the balance in income summary and transfer to retained earnings)
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