Homework 6_key - Close net loss Close dividends J15 J15...

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HTM141: Homework 6 - Preparing financial statements & closing entries Name(s): The adjusted trial balance of Mozart D.J., Inc. at the end of its fiscal year is as follows. MOZART D.J., INC. Adjusted Trial Balance July 31, 2008 No . Account Titles Debits Credits 101 Cash $ 14,940 112 Accounts Receivable 8,780 157 Equipment 15,900 167 Accumulated Depreciation $ 5,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 311 Common Stock 20,000 320 Retained Earnings 25,200 332 Dividends 14,000 404 Commission Revenue 65,100 429 Rent Revenue 6,500 711 Depreciation Expense 4,000 720 Salaries Expense 55,700 732 Utilities Expense 14,900 $128,220 $128,220 Instructions (a) Prepare the closing entries on page J15 of the general journal. (b) Post to Retained Earnings and No. 350 Income Summary accounts. (Use the three-column form.) (a) General Journal J15 Date Account Titles and Explanation Ref. Debit Credit July 31 Commission Revenue Rent Revenue Income Summary 404 429 350 65,100 6,500 71,600 31 Income Summary Salaries Expense Utilities Expense Depreciation Expense 350 720 732 711 74,600 55,700 14,900 4,000 31 Retained Earnings Income Summary 320 350 3,000 3,000 31 Retained Earnings Dividends 320 332 14,000 14,000
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(b) Retained Earnings No. 320 Date Explanation Ref. Debit Credit Balance July 31 31 31 Balance Close net loss
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Unformatted text preview: Close net loss Close dividends J15 J15 3,000 14,000 ( 25,200 ) ( 22,200 ) ( 8,200 ) Income Summary No. 350 Date Explanation Ref. Debit Credit Balance July 31 31 31 Close revenues Close expenses Transfer net loss J15 J15 J15 74,600 71,600 3,000 ( 71,600 (3,000) ( (c) MOZART D.J., INC. Post-Closing Trial Balance July 31, 2008 Debit Credit Cash. ............................................................................................. Accounts Receivable. ................................................................... Equipment. .................................................................................... Accumulated Depreciation. .......................................................... Accounts Payable. ........................................................................ Unearned Rent Revenue. .............................................................. Common Stock. ............................................................................ Retained Earnings. ........................................................................ $14,940 8,780 15,900 000,000 $39,620 $ 5,400 4,220 1,800 20,000 8,200 $39,620...
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