FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Find year-end closing entries (journal and ledger).
Transcribed Image Text:STAR COMPANY ADJUSTED TRIAL BALANCE - December 31, 2022
ACCOUNTS
100- Cash on Hand
101- Checks Received
102- Cash in Bank
120- Accounts Receivable
153- Merchandise
191- V.A.T. Deductible
252- Buildings
255- Furniture & Fixtures
257- Accumulated Deprec.
321- Notes Payable
360- Taxes & Funds Payable
361- Social Security Payable
391- V.A.T. Collected
500- Capital
570- Previous Years' Profits
600- Sales
621- Cost of Merchan. Sold
631- Mrktg., Sel., Ad. Expen.
632- Gen. & Adm. Expenses
660- Shrt-Term Borrow. Exp.
689- Other Extraord. Losses
760- Mrkt, Sell. & Dist. Costs
761- Mkt, SII. & D.C. Applied
770- General & Adm. Costs
771- Gen. & Adm. C. Applied
780- Financial Costs
781- Financial Costs Applied
TOTALS
AMOUNTS
Debit
70,800
142,600
132,600
150,000
180,000
14,400
250,000
50,000
80,000
49,000
23,400
-----
=====
100,000
6,000
25,000
2,000
5,000
6,000
‒‒‒‒‒
10,000
2,000
Credit
67,000
142,600
=====
-----
132,600
60,000 90,000
100,000
80,000
14,400
=====
15,000
196,400
50,000
2,000
23,400
400,000
80,000
130,000
=====
-----
6,000
-----
10,000
2,000
BALANCES
1,298,800 1,298,800
Debit
3,800
250,000
50,000
-----
‒‒‒‒‒
100,000
6,000
25,000
2,000
5,000
6,000
10,000
‒‒‒‒‒
2,000
Credit
-----
-----
-----
|-----
------
‒‒‒‒‒
15,000
116,400
1,000
2,000
400,000
80,000
130,000
-----
-----
--===
-----
-----
6,000
=====
10,000
2,000
762,400 762,400
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- How to prepare the closing entries and statements? question c and d and e of the problem.arrow_forwardThe process of transferring general journal entry information to the ledger is called: a. Balancing an account. b. Journalizing. c. Posting. d. Double-entry accounting. e. Balancing. Which of the following is prepared after the preparation of the balance sheet? a. Closing entries. b. Adjusting entries. c. Adjusted trial balance. d. Statement of retained earnings. e. Ledger accounts. The posting reference column in the ledger is: A. used to record the journal and page number from the transactions originated. B. used to record the ledger number. C. used to record the date. D. not used.arrow_forwardWhat are the steps in recording closing entries?arrow_forward
- An invoice number is: a.added to the Post Ref. column of the ledger account. b.mentioned in the explanation of the related journal entry. c.added to the Post Ref. column of the journal. d.mentioned in the ledger accounts related to the journal entry.arrow_forwardComplete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizingarrow_forwardPut the following steps in the accounting cycle in the correct order (1-9). Journalize transactions and events Three Journalize and post the adjusting journal entires Three Analyze transactions and events from source documents One Prepare the post-closing trial balance Nine Post the journal entires to the general ledger Choose. + Prepare the unadjusted trial balance Choose. Prepare the adjusted trial balance Choose. +arrow_forward
- Show a journal entry writing off an account using both the allowance method and the direct write-off method. NOTE: YOU CAN INCLUDE ANY AMOUNTS AS LONG AS THEY MAKE SENSE, BUT DO NOT FORGET TO INCLUDE ACTUAL NUMBERS FOR THIS JOURNAL SHOWING BOTH METHODS AS STATED ABOVE. THIS CAN BE MADE UP BUT DO NOT FORGET THE NUMBERS.arrow_forwardHow to adjust entries for refunds allowances and returnsarrow_forwardClosing Accountsarrow_forward
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