Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 4.10P
Closing Process. Sherlock Locksmiths, Inc has the following adjusted
Sherlock Locksmiths, Inc. Adjusted Trial Balance At December 31,2018 |
||
Account | Debit | Credit |
Cash | $1,734,900 | |
Accounts Receivable | 778,000 | |
Supplies | 250,000 | |
Prepaid Insurance | 130,000 | |
Equipment | 360,000 | |
$28,000 | ||
Accounts Payable | 1,275,000 | |
Unearned Service Revenue | 39,600 | |
Wages Payable | 280,000 | |
Interest Payable | 60,000 | |
Notes Payable | 320,000 | |
Common Stock | 1,200,000 | |
Retained Ear rungs | 0 | |
Dividends | 12,000 | |
Service revenue | 2,160,000 | |
Wage Expense | 1,276,000 | |
Utilities Expense | 89,200 | |
Selling Expense | 72,500 | |
Administrative Expense | 182,000 | |
Repairs Expense | 62,000 | |
Interest Expense | 40,000 | |
Insurance Expense | 121,000 | |
Supplies Expense | 215,000 | |
Depreciation Expense—Equipment | 40,000 | |
Totals | $5,362,600 | $5,362,600 |
- a. Journalize and post the necessary closing entries Omit explanations.
- b. Prepare a post-closing trial balance as of December 31.
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Chapter 4 Solutions
Intermediate Accounting (2nd Edition)
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