Closing entries - Closing entries 11:32 AM Manual...

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10/21/13 11:32 AM Closing entries Page 1 of 17 Your progress Completed: 99% (approximately) Remaining pages will take: up to 0.25 hours The time frames we provide are a guide only. It may take you more or less time to complete each step. Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page) 898 1,013 Points (on this page) 40 40 Points ( after this page) 24 Total 938 1,077 Manual Accounting Practice Set Technology Boutique, US GAAP Edition 3 Feedback: Closing entries This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set. In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries Record closing entries in the general journal. Post the closing entries from the general journal to the relevant general ledger accounts Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Post-Closing Balance row must still be filled out in order receive full points. 1) 2) 3)
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10/21/13 11:32 AM Closing entries Page 2 of 17 Cost of Goods Sold Advertising Expense Wages Expense Rent Expense Electricity Expense Water Expense Insurance Expense Office Supplies Expense Salary Expense Depn Expense: Office Furniture Depn Expense: Office Equipment Interest Expense Admin. Expense - Bank Charges Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar . You are also required to apply the Journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed. Special Journals General Journal Subsidiary Ledgers General Ledger GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary 310 177375 500 0 111520 511 0 1000 516 0 54149 540 0 2800 541 0 376 542 0 127 543 0 620 544 0 402 545 0 5800 560 0 75 561 0 279 571 0 215 572 0 12 (Closing entry to debit the Income Summary account) Show All
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10/21/13 11:32 AM Closing entries Page 3 of 17 Sales Revenue Interest Revenue Jun 30 400 216000 0 403 884 0 Income Summary 310 216884 (Closing entry to credit the Income Summary account) Jun 30 Income Summary 310 39509 Retained Earnings 301 39509 (To close the balance of the Income Summary account) Feedback GENERAL JOURNAL
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