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4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT...

4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT all accounts are included): 5 DEBIT CREDIT Sales Revenue $875,000 Accounts Receivable $150,000 Supplies $22,400 Prepaid Rent $6,500 Accumulated Depreciation $25,000 Accounts Payable $225,000 Zelda’s Capital $950,000 Unearned Revenue $175,000 Salary Payable $54,500 Rent Expense $99,000 Salary Expense $125,000 Insurance Expense $130,450 Supplies Expense $10,000 Depreciation Expense $12,500 Zelda’s Drawing $12,300 Required: 1. Record the CLOSING ENTRIES in the Journal (Use either Zelda’s Capital or Income Summary to close, either option is fine) 2. What is the ending Balance in Zelda’s Capital Account on Dec 31, 2018, after the closing process is recorded and posted to the LEDGERS.

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Answer #1

Required: 1. Record the CLOSING ENTRIES in the Journal (Use either Zelda’s Capital or Income Summary to close, either option is fine

Date account and explanation debit credit
Sales revenue 875000
Income summary 875000
(To close revenue)
Income summary 376950
rent expense 99000
Salary expense 125000
Insurance expense 130450
Supplies expense 10000
Depreciation expense 12500
(To close expense account)
Income summary 498050
  Zelda’s Capital 498050
(To close income summary)
Zelda’s Capital 12300
  Zelda’s Drawings 12300

(To close drawing account)

Ending balance of Zelda’s Capital account = 950000+498050-12300 = $1435750

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