![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please help me answer in good form and complete: closing entries and post closing
![Ween trading
Worksheet
As on June 30
Unadjusted trial balance
Adjustments
Adjusted trial balance
Income statement
Balance sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
19,700
19,700
19,700
44,000
119,200
Accounts receivables
44,000
44,000
Purchases
119,200
119,200
Utilty expense
Supplies
Equipment
Licence and permits
20,500
20,500
20,500
1,250
1,000
250
250
48,000
48,000
48,000
1,260
1,260
1,260
Prepaid rent
Freight in
Owners capital
30,000
2,400
45,000
15,000
30,000
2,400
2,400
75,000
75,000
75,000
Purchase returns
8,500
8,500
8,500
Accounts payable
835,500
835,500
835,500
Sales revenue
290,560
290,560
290,560
Bank loan
200,000
200,000
200,000
Notes payable
8,000
8,000
8,000
Unearned revenue
4,000
2,000
2,000
2,000
Purchase discount
600
600
600
Prepaid advertising
10,000
5,000
5,000
5,000
Furniture
40,000
40,000
40,000
Computer
Freight out
75,000
3,120
75,000
75,000
3,120
3,120
Sales return and allowances
11,700
11,700
11,700
Sales salaries expenses
Office salaries expenses
24,000
24,000
33,000
24,000
33,000
33,000
22,000
850,000
Drawings
22,000
22,000
Delivery van
850,000
850,000
Sales discount
2,030
2,030
2,030
26,000
24,000
Notes receivable
26,000
26,000
Prepaid insurance
2,000
22,000
22,000
Cost of goods sold
10,900
10,900
10,900
(10,900)
(10,900)
Inventory
Rent expense
10,900
15,000
15,000
15,000
Depreciation expense-equipment
Accumulated depreciation - equipment
1,025
1,025
1,025
1,025
1,025
1,025
Supplies expense
Advertising expense
Depreciation expense-furniture
1,000
1,000
1,000
5,000
5,000
5,000
330
330
330
Accumulated depreciation - furniture
330
330
330
Interest expense
20
20
20
Interest payable
20
20
20
Depreciation expense-delivery van
Accumulated depreciation - delivery van
7,000
7,000
7,000
7,000
7,000
7,000
Interest receivable
15
15
15
Interest revenue
15
15
15
Insurance expense
2,000
2,000
2,000
Rent revenue
2,000
2,000
2,000
Bad debt expense
1,410
1,410
1,410
Provison for bad debts
1,410
1,410
(1,410)
Total
1,422,160 1,422,160 45,700 45,700 1,431,960 1,431,960 259,635 301,675 1,170,915 1,128,875
Net income
42,040
42,040
Total
301,675 301,675 1,170,915| 1,170,915](https://content.bartleby.com/qna-images/question/c67f364a-cbd8-439a-ad2c-47b712f1ce44/a6741eee-eedd-4c61-89a2-efab8e0aa664/mjb48wv_thumbnail.jpeg)
Transcribed Image Text:Ween trading
Worksheet
As on June 30
Unadjusted trial balance
Adjustments
Adjusted trial balance
Income statement
Balance sheet
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
19,700
19,700
19,700
44,000
119,200
Accounts receivables
44,000
44,000
Purchases
119,200
119,200
Utilty expense
Supplies
Equipment
Licence and permits
20,500
20,500
20,500
1,250
1,000
250
250
48,000
48,000
48,000
1,260
1,260
1,260
Prepaid rent
Freight in
Owners capital
30,000
2,400
45,000
15,000
30,000
2,400
2,400
75,000
75,000
75,000
Purchase returns
8,500
8,500
8,500
Accounts payable
835,500
835,500
835,500
Sales revenue
290,560
290,560
290,560
Bank loan
200,000
200,000
200,000
Notes payable
8,000
8,000
8,000
Unearned revenue
4,000
2,000
2,000
2,000
Purchase discount
600
600
600
Prepaid advertising
10,000
5,000
5,000
5,000
Furniture
40,000
40,000
40,000
Computer
Freight out
75,000
3,120
75,000
75,000
3,120
3,120
Sales return and allowances
11,700
11,700
11,700
Sales salaries expenses
Office salaries expenses
24,000
24,000
33,000
24,000
33,000
33,000
22,000
850,000
Drawings
22,000
22,000
Delivery van
850,000
850,000
Sales discount
2,030
2,030
2,030
26,000
24,000
Notes receivable
26,000
26,000
Prepaid insurance
2,000
22,000
22,000
Cost of goods sold
10,900
10,900
10,900
(10,900)
(10,900)
Inventory
Rent expense
10,900
15,000
15,000
15,000
Depreciation expense-equipment
Accumulated depreciation - equipment
1,025
1,025
1,025
1,025
1,025
1,025
Supplies expense
Advertising expense
Depreciation expense-furniture
1,000
1,000
1,000
5,000
5,000
5,000
330
330
330
Accumulated depreciation - furniture
330
330
330
Interest expense
20
20
20
Interest payable
20
20
20
Depreciation expense-delivery van
Accumulated depreciation - delivery van
7,000
7,000
7,000
7,000
7,000
7,000
Interest receivable
15
15
15
Interest revenue
15
15
15
Insurance expense
2,000
2,000
2,000
Rent revenue
2,000
2,000
2,000
Bad debt expense
1,410
1,410
1,410
Provison for bad debts
1,410
1,410
(1,410)
Total
1,422,160 1,422,160 45,700 45,700 1,431,960 1,431,960 259,635 301,675 1,170,915 1,128,875
Net income
42,040
42,040
Total
301,675 301,675 1,170,915| 1,170,915
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