| Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. | Date | Description (Account Name) | Debit | Credit | | 31-Oct | Bicycle Repair Revenue | 2,672 | | | Income Summary | | 2,672 | | Income Summary | 1,600 | | | Store Rent Expense | | 1,040 | | Utility Expense | | 154 | | Insurance Expense | | 100 | | Repair Supplies Expense | | 196 | | Depreciation Expense | | 70 | | Income Tax | | 40 | | Retained Earning | 800 | | | Dividend | | 800 | | Income Summary | 1,072 | | | Retained Earning | REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending balances. | | Cash (111) | | Bicycle Repair Revenue (411) | | Common Stock 12,000 | Insurance Expense 12,000 | To TRF to P/L Acct. 2,712 | By Cash 1,362 | | Bicycle Repair Revenue 1,362 | Store Rent Expense 1,040 | | By Cash 1,350 | | Bicycle Repair Revenue 1,350 | Equipment 600 | | | | Utility Expense 154 | | | | Dep-Expense Repair Equipment 200 | | | | | Dividends 800 | | | | By Cash C/D 10,718 | | | | | | | | | | | | | | TOTAL: 14,712 | TOTAL: 14,712 | | TOTAL: 2,712 | TOTAL: 2,712 | | Prepaid Insurance (117) | | Store Rent Expense (511) | | Insurance Expense 100 | Insurance Expense 100 | | To Cash 1,040 | By Balance TRF to P/L Acct. 1,040 | | | | | | | | | | | | | | | | | | | | | | Balance 10/31: 100 | Balance 10/31: 100 | | TOTAL: 1,040 | TOTAL: 1,040 | | Repair Supplies (119) | | Utility Expense (512) | | | | To Cash 154 | By Balance TRF to P/L Acct. 154 | | | | | | | | | | | | | | | | | | | | | | | | TOTAL: 154 | TOTAL: 154 | | Repair Equipment (144) | | Insurance Expense (513) | | | | To Cash 1,200 | By Balance TRF to P/L Acct. 1,200 | | | | To Cash 100 | Pre Paid Insurance 100 | | | | | | | | | | | | | | TOTAL: 1,200 | TOTAL: 1,200 | | | | BALANCE 10/31: 1,100 | BALANCE 10/31: 1,100 | | Accum. Depr.-Repair Equipment (145) | | Repair Supplies Expense (514) | | To TRFD to Balance Sheet 70 | Depreciation Exp. 70 | | Repair Supplies 196 | | | | | | | | | | | | | | | | | | | | | | | | | | | BALANCE 10/31: 70 | BALANCE 10/31: 70 | | BALANCE 10/31: 196 | BALANCE 10/31: 196 | | Accounts Payable (212) | | Depr. Exp.-Repair Equipment (515) | | To TRFD to Balance Sheet 4,190 | By Repair Supplies 390 | To Cash 200 | By TRF to P/L Acct. 200 | | By Equipment 4,190 | Accumulated Depr. 70 | Depreciation Exp. 70 | | | | | | | | | | | | | | TOTAL: 200 | TOTAL: 200 | | TOTAL: 4,190 | TOTAL: 4,190 | | BALANCE 10/31: 270 | BALANCE 10/31: 270 | | Income Taxes Payable (213) | | Income Taxes Expense (516) | | Tax Payable 40 | Tax Expence 40 | Tax Payable 40 | Tax Expence 40 | | | | | | | | | | | | | | | | | | | BALANCE 10/31: 40 | BALANCE 10/31: 40 | | BALANCE 10/31: 40 | BALANCE 10/31: 40 | | | | | Common Stock (311) | | | | | Balance C/D 12,000 | By Cash 12,000 | | | | | | | | | | | | | | | | | | | | | | | | Total: 12,000 | TOTAL: 12,000 | | | | | Retained Earnings (312) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dividends (313) | | | | | To Cash: 800 | By TRF to Retained Earnings Acct. 800 | | | | | | | | | | | | | | | | | | | | | | | | TOTAL: 800 | TOTAL: 800 | | | | | | | | | | | 1,072 | |
