chapter 4 key

chapter 4 key - Chapter 4 Exercise 4-1 (35 minutes) Closing...

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Unformatted text preview: Chapter 4 Exercise 4-1 (35 minutes) Closing entries (1) Services Revenue.........................................401 76,000 Income Summary..................................901 76,000 To close the revenue account. (2) Income Summary..........................................901 47,800 Depreciation Expense...........................603 15,000 Salaries Expense...................................622 20,000 Insurance Expense................................637 4,400 Rent Expense.........................................640 8,400 To close the expense accounts. (3) Income Summary..........................................901 28,200 M. Muncel, Capital.................................301 28,200 To close income summary. (4) M. Muncel, Capital.........................................301 22,000 M. Muncel, Withdrawals........................302 22,000 To close the withdrawals account. Posted accounts M. Muncel, Capital No. 301 Salaries Expense No. 622 Date PR Debit Credit Balance Date PR Debit Credit Balance Mar.31 40,000 Mar.31 20,000 (3) 28,200 68,200 (2) 20,000 (4) 22,000 46,200 M. Muncel, Withdrawals No. 302 Insurance Expense No. 637 Date PR Debit Credit Balance Date PR Debit Credit Balance Mar.31 22,000 Mar.31 4,400 (4) 22,000 (2) 4,400 Services Revenue No. 401 Rent Expense No. 640 Date PR Debit Credit Balance Date PR Debit Credit Balance Mar.31 76,000 Mar.31 8,400 (1) 76,000 (2) 8,400 Depreciation Expense No. 603 Income Summary No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance Mar.31 15,000 (1) 76,000 76,000 (2) 15,000 (2) 47,800 28,200 1 (3) 28,200 2 Exercise 4-3 (30 minutes) 1. 2008 Dec. 31 Services Revenue.........................................404 44,000 Income Summary..................................901 44,000 To close the revenue account. 31 Income Summary..........................................901 33,100 Depreciation ExpenseEquipment....612 3,000 Salaries Expense...................................622 22,000 Insurance Expense................................637 2,500 Rent Expense.........................................640 3,400 Supplies Expense..................................653 2,200 To close the expense accounts. 31 Income Summary..........................................901 10,900 T. Cruz, Capital......................................301 10,900 To close income summary. 31 T. Cruz, Capital..............................................301 7,000 T. Cruz, Withdrawals.............................302 7,000 To close the withdrawals account. 2. CRUZ COMPANY Post-Closing Trial Balance December 31, 2008 Debit Credit Cash................................................................ $19,000 Supplies.......................................................... 13,000 Prepaid insurance.......................................... 3,000 Equipment....................................................... 24,000 Accumulated depreciationEquipment....... $ 7,500 T. Cruz, Capital*.............................................. 51,500 Totals............................................................... $59,000 $59,000 *$47,600 + $10,900 - $7,000 = $51,500 3 Exercise 4-7 (15 minutes)...
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This note was uploaded on 07/11/2011 for the course ECON 101 taught by Professor D during the Fall '11 term at Troy Dothan.

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chapter 4 key - Chapter 4 Exercise 4-1 (35 minutes) Closing...

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