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Find year-end closing entries (journal and ledger).

Find year-end closing entries (journal and ledger).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Find year-end closing entries (journal and ledger).
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
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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