ACO01 - Lecture 5 - Completing the Accounting Cycle [Compatibility Mode]

31 consulting revenue credit 7850 rental revenue 300

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Unformatted text preview: s look at the ledger accounts after posting this closing entry. Close Revenue Accounts to Income Summary Consulting Revenue 7,850 7,850 - Income Summary 7,850 300 Rental Revenue 300 300 - 8,150 FastForward Adjusted Trial Balance December 31, 2001 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equip. Accounts payable Salaries payable Unearned revenue Common Stock Retained Earnings Consulting revenue Rental revenue Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Totals $ 3,950 1,800 8,670 2,300 26,000 $ 375 6,200 210 2,750 30,000 600 7,850 300 $ 375 1,610 100 1,000 1,050 230 47,685 $ 47,685 9 Close Expense Accounts to Income Summary GENERAL JOURNAL GENERAL JOURNAL Date Description Date Description Dec. 31 Income Summary PR PR Debit Debit 4,365 Page 34 Page 34 Credit Credit Depreciation Expense-Equipment 375 Salaries Expense 1,610 Insurance Expense 100 Rent Expense 1,000 Supplies Expense 1,050 Utilities Expense 230 Now, let’s look at the ledger accounts after posting this closing entry. Close Expense Accounts to Income Summary Depreciation Expense- Eq. 375 375 - Rent Expense 1,000 1,000 - S alaries Expe...
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