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

Ref account no balance income summary credit debit

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Unformatted text preview: redit Debit 6 7 Overview of the Closing Process FastForward FastForward Adjusted Trial Balance December 31, 2011 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 $ Using the adjusted trial balance, let’s prepare the closing entries for FastForward. 47,685 FastForward 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 8 Close Revenue Accounts to Income Summary GENERAL JOURNAL Date Description Page 34 PR Debit Dec. 31 Consulting Revenue Credit 7,850 Rental Revenue 300 Income Summary 8,150 Now, let...
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