90.2K

Verified Solution

Link Copied!

use the following listing of T accounts to complete this exercise.

1) prepare closing entries in general journal form dated may 31,20

2) post the closing entries to the T accounts

Instructions Use the following partial listing of T accounts to complete this exercise Cash Bal 700 Accounts Receivable 1,000 Bal. Wages Payable Bal. 400 Mark Thrasher, Capital Bal 7,000 Mark Thrasher, Drawing 700 Bal Income Summary Lawn Service Fees Bal. 6,000 Wages Expense 500 Bal. Advertising Expenso 700 Bal. Travel Expense 100 Bal. Supplies Expense 900 Bal. Insurance Expense 200 Bal. Bal Postage Expense 50 Gas and On Expense 000 Bal Miscellaneous Expense 100 BAL Required: 1. Prepare closing entries in general journal form dated May 11, 20 2. Poate closing entries to the accounts Chart of Accounts CHART OF ACCOUNTS Chapter 06 General Ledger ASSETS REVENUE 101 Cash 401 Lawn Service Fees 122 Accounts Receivable 141 Supplies 145 Prepaid Insurance 181 Office Equipment 181.1 Accumulated Depreciation Office Equipment LIABILITIES 202 Accounts Payable 219 Wages Payable EXPENSES 511 Wages Expense 512 Advertising Expense 515 Travel Expense 521 Rent Expense 524 Supplies Expense 525 Phone Expense 533 Utilities Expense 535 Insurance Expense 536 Postage Expense 538 Gas and Oil Expense 542 Depreciation Expense-Office Equipment 549 Miscellaneous Expense EQUITY 311 Mark Thrasher, Capital 312 Mark Thrasher, Drawing 313 Income Summary General Journal 1. Prepare closing entries in general journal form dated May 31, 20- General Journal Instructions PAGE 1 GENERAL JOURNAL DATE POST. REF DEBIT CREDIT ACCOUNT TITLE Closing Entries 1 2 4 5 6 7. 10 11 12 14 15 16 2. Pout the closing entries to the accounts Tantan Cash Bal 700 Accounts Receiva 1.800 Was Payable 400 Bal Mark Thrasher, Capital Bal 7.000 Closing Closing Bal Mack Thrasher, Drawing 700 Closing Income Summary (cara Closing Closing Lawn Service Fees Ball 6,000 Closing Duke Wages Expense 500 Going Avering Expo 700 R 100 Clusing Supplies Expense 100 Closing 200 Portapete 30 Gee and On Espen 000 Casino Ba

Answer & Explanation Solved by verified expert

See Answer