73-B-A-F-S_(978) - Refer to the work sheet in Problem 6-7A...

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Refer to the work sheet in Problem 6-7A for Monte’s Repairs. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of January 31, 20--. A chart of accounts is provided below. .:. REQUIRED 1. Journalize (page 10) and post the adjusting entries. 2. Journalize (page 11) and post the closing entries. 3. Prepare a post-closing trial balance. SOLUTION: 1. GENERAL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Adjusting Entries 20-- Jan. 31 Supplies Expense 523 2 0 0 00
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Supplies 141 2 0 0 00 31 Insurance Expense 535 1 0 0 00 Prepaid Insurance 145 1 0 0 00 31 Wages Expense 511 1 5 0 00 Wages Payable 219 1 5 0 00 31 Depreciation Expense—Delivery Equipment 541 3 0 00 Accumulated Depreciation—Delivery Equip. 185.1 3 0 00 2. GENERAL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT Closing Entries 20-- Jan. 31 Repair Fees 401 4 2 3 0 00 Income Summary 313 4 2 3 0 00 31 Income Summary 313 2 8 3 0 00 Wages Expense 511 1 8 0 0 00 Advertising Expense 512 1 7 0 00 Rent Expense 521 4 2 0 00 Supplies Expense 523 2 0 0 00 Telephone Expense 525 4 9 00 Insurance Expense 535 1 0 0 00 Gas and Oil Expense 538 3 3 00
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