Question

Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at...

Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2017:

Debit Credit
  Accounts receivable $ 20,400
  Accumulated depreciation, equipment $ 11,400
  Cash 7,900
  Depreciation expense, equipment 1,200
  Equipment 18,400
  Interest income 390
  Rent expense 16,900
  Salaries expense 60,400
  Subscription revenues 70,400
  Trish Norris, capital 43,410
  Trish Norris, withdrawals 18,800
  Unearned subscription revenue 18,400
  Totals $ 144,000 $ 144,000


Required:
Prepare the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Business   Accounting   
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Answer #1

Closing entries :

Date account and explanation Debit credit
Subscription revenue 70400
Interest income 390
Income summary 70790
(To close revenue account)
Income summary 78500
  Depreciation expense, equipment 1200
Rent expense 16900
Salaries expense 60400
(TO close expense account)
Trish Norris, capital 7710
Income summary 7710
(To close income summary)
Trish Norris, capital 18800
   Trish Norris, withdrawals 18800
(To close withdrawal)
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