Closing Entries and a Post-Closing Trail Balance

Closing Entries and a Post-Closing Trail Balance - Income...

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a) Closing Entries Axia College Material Appendix F Closing Entries and a Post-closing Trial Balance Journalize Closing Entries Use this template to journalize the closing entries for Goode Company at April 30, 2008. GOODE COMPANY Closing Entries at April 30, 2008 DATE ACCOUNT TITLE AND EXPLANATION DEBIT CREDIT Service Revenue 15,590 Income Summary 15,590 30 Income Summary 12,328 Salaries expense 10,840 Rent expense 760 Depreciation expense 671 Interest expense 57 30 Income Summary 3,262 Retained earnings 3,262 30 Retained Earnings 3,650 Dividends 3,650 Apr 30
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b) T Accounts Axia College Material Appendix F Post Closing Entries T ACCOUNTS Income Summary Retained Earnings 4/30 15590 4/30 5960 Dividend 3650 Paid 12328 Adjust 3262 3262 5572 Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance For Goode Company, use these T account templates to post the closing entries to
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Unformatted text preview: Income Summary and Retained Earnings. c) Post Closing Trial Balance Axia College Material Appendix F Closing Entries and a Post-closing Trial Balance Prepare a Post-Closing Trial Balance Goode Company Post-Closing Trial Balance 30-Apr-08 DEBIT CREDIT Cash 13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation 4,921 Notes Payable 5,700 Accounts Payable 5,672 Interest Payable 57 Common Stock 25,000 Retained Earnings 5,572 Totals 46,922 46,922 Prepare a post-closing trial balance at April 30, 2008 for Goode Company.You can place summation formulas to compute totals at the end of debit and credit columns. Otherwise, you can compute totals using a calculator, then enter totals directly....
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  • Spring '10
  • EILEENDETKA
  • Generally Accepted Accounting Principles, post-closing trial balance, Axia College Material, Goode Company

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