Post the following adjusting entries that came from the adjustments section of the worksheet to the T accounts

and
be sure to cross-reference back to the journal.
LOADING...
(Click
the icon to view the general journal.)           
LOADING...
(Click
the icon to view the T accounts.)
Post the adjusting entries to the ledger using the T accounts below. The beginning balances have been entered into
the T accounts for you. (For each amount posted, select an appropriate posting reference. If a box is not used in the
T account, leave the box empty; do not enter a zero.)
Prepaid Insurance 115   Insurance Expense 510
12/31
  105 8   12/31 GJ3 8   
GJ3
              
       
Store Supplies 116 Dep. Exp. Store Equip. 512
12/31
  55 18   12/31 GJ3 92    
GJ3
              
       
Acc. Dep., Store Equip. 119 Supplies Expense 514
    50   12/31 GJ3 18    
12/31
    92         
GJ3
       
Salaries Payable 210 Salaries Expense 516
12/31
    37 22    
GJ3
       12/31 GJ3 37    
Now enter the posting references in the general journal.
General Journal Page 3
  Date Account Titles and Description PR Dr. Cr.
  Dec. 31 Insurance Expense 510 8  
      Prepaid Insurance 115   8
             
    31 Supplies Expense 514 18  
      Store Supplies 116   18
             
    31 Depr. Exp., Store Equipment 512 92  
      Accum. Depr., Store Equipment 119   92
             
    31 Salaries Expense 516 37  
      Salaries Payable 210   37
             
From the following accounts, journalize the closing entries (assume
May
31).
LOADING...
(Click
the icon to view the accounts.)
Journalize the closing entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Begin by closing out the revenue account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  May 31 Taxi Fees   500  
      Income Summary     500
             
             
Close out the expense accounts.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  May 31 Income Summary   210  
      Gas Expense     40
      Advertising Expense     131
      Depreciation Expense, Taxi     39
Close out Income Summary.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  May 31 Income Summary   290  
      Miron Bundy, Capital     290
             
             
Close out the Withdrawals account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  May 31 Miron Bundy, Capital   180  
      Miron Bundy, Withdrawals     180
             
             
From the adjustments section of a worksheet, prepare adjusting journal entries for the end of
July
.
LOADING...
(Click
the icon to view the partial worksheet.)
Journalize the adjusting journal entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Start by journalizing adjustment (A).
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  July 31 Rent Expense   1,100  
      Prepaid Rent     1,100
             
             
Journalize adjustment (B).
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  July 31 Office Supplies Expense   750  
      Office Supplies     750
             
             
Journalize adjustment (C).
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  July 31 Depreciation Expense, Equipment   400  
Accumulated Depreciation,
          400
Equipment
             
             
Journalize adjustment (D).
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  July 31 Salaries Expense   1,000  
      Salaries Payable     1,000
             
             
From the following T accounts, journalize the four closing entries on
March
31,
201 Upper X
.
LOADING...
(Click
the icon to view the accounts.)
Journalize the closing entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Begin by closing out the revenue account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Mar. 31 Fees Earned   42,000  
      Income Summary     42,000
             
             
Close out the expense accounts.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Mar. 31 Income Summary   17,600  
      Insurance Expense     2,800
      Rent Expense     4,000
Depr. Expense, Office
          2,800
Equipment
      Wage Expense     8,000
             
Close out Income Summary.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Mar. 31 Income Summary   24,400  
      J. Klum, Capital     24,400
             
             
Close out the Withdrawals account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Mar. 31 J. Klum, Capital   2,000  
      J. Klum, Withdrawals     2,000
             
             

From the following posted T accounts, reconstruct the closing journal entries for
January
31,
201 Upper X
.
LOADING...
(Click
the icon to view the accounts.)
Reconstruct the closing journal entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Begin by closing the revenue account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Jan. 31 Salon Fees   5,300  
      Income Summary     5,300
             
             
Close the expense accounts.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Jan. 31 Income Summary   3,000  
      Insurance Expense     50
      Rent Expense     2,000
Depreciation Expense,
          350
Equipment
      Wage Expense     600
             
Close Income Summary.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Jan. 31 Income Summary   2,300  
      M. Fadden, Capital     2,300
             
             
Close the Withdrawals account.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Jan. 31 M. Fadden, Capital   200  
      M. Fadden, Withdrawals     200
             
             

From the following accounts (not in order), prepare a post-closing trial balance for
Winston
Co. on
January
31,
201 Upper X
.
Note: These balances are before closing.
LOADING...
(Click
the icon to view the accounts.)
Winston Co.
Post-Closing Trial Balance
January 31, 201X
  Account Debit Credit  
  Cash $30,000   
  Accounts Receivable 18,875   
  Legal Supplies 6,500   
  Office Equipment 36,000   
  Accounts Payable   $46,000  
  P. Winston, Capital   45,375  
  Totals $91,375 $91,375  

Consider the following trial balance and adjustment data for

Daffy's
Dance Studio:
LOADING...
(Click
the icon to view the unadjusted trial balance.)
LOADING...
(Click
the icon to view the adjustment data.)
Your task is to do the following
1. Prepare a worksheet.
2. Journalize adjusting and closing entries.
1. Prepare a worksheet.
Enter the adjustments in the adjustments columns of the worksheet. Key adjusting entries by letter. Total the debit
and credit columns. Then calculate the adjusted balances, enter them in the adjusted trial balance columns on the
worksheet, and again, total the debit and credit columns.
Daffy's Dance Studio
Worksheet

Month Ended November 30, 201X

    Trial Balance Adjustments

  Account Titles Debit Credit   Dr.   Cr.

  Cash 57,000          
  Accounts Receivable 7,000          
  Prepaid Insurance 900       a. 500
  Dance Supplies 1,600       b. 500
  Dance Equipment 16,000          
Accumulated Depreciation, Dance
    8,900     c. 2,300
Equipment
  Accounts payable   27,000        
  D. Draper, Capital   29,100        
  D. Draper, Withdrawals 700          
  Dance Fees Earned   21,800        
  Salaries Expense 1,600   d. 900    
  Telephone Expense 900          
  Advertising Expense 1,100          
  Totals 86,800 86,800        
  Insurance Expense     a. 500    
  Dance Supplies Expense    b. 500    
Depreciation Expense, Dance
      c. 2,300    
Equipment
  Salaries Payable        d. 900

  Totals       4,200   4,200

     
     

     

Adjusted Trial Balance  

Debit Credit  

57,000   
7,000   
400   
1,100   
16,000   
  11,200  
  27,000  
  29,100  
700   
  21,800  
2,500   
900   
1,100   

    

500   
500   
2,300   
  900  
90,000 90,000  
Referring to the adjusted trial balance columns you prepared above, complete the income statement columns of the
worksheet, check your answer, and then complete the balance sheet columns of the worksheet.
Review the adjusted trial balance columns you prepared above.
LOADING...
Daffy's Dance Studio
Worksheet
 Month Ended November 30, 201X
Income
   
Statement
  Account Titles Debit Credit

  Cash    
  Accounts Receivable    
  Prepaid Insurance    
  Dance Supplies    
  Dance Equipment    
Accumulated Depreciation, Dance
     
Equipment
  Accounts Payable    
  D. Draper, Capital    
  D. Draper, Withdrawals    
  Dance Fees Earned   21,800
  Salaries Expense 2,500  
  Telephone Expense 900  
  Advertising Expense 1,100  
       
  Insurance Expense 500  
  Dance Supplies Expense 500  
Depreciation Expense, Dance
  2,300  
Equipment
  Salaries Payable    

  Totals 7,800 21,800

  Net income 14,000  

  Totals 21,800 21,800

     
     
     
 Balance Sheet  

Debit Credit  

57,000   
7,000   
400   
1,100   
16,000   
  11,200  
  27,000  
  29,100  
700   
    
    
    
    
    
    
    
    
  900  

82,200 68,200  
  14,000  
82,200 82,200  
2. Journalize adjusting and closing entries. (Record debits first, then credits. Exclude explanations from journal
entries.)
Start by journalizing the adjusting entries, beginning with adjustment a.
Review the adjustments columns you prepared above.
LOADING...
a. Insurance expired,
$ 500
.
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
a. Nov 30 Insurance Expense   500  
      Prepaid Insurance     500
             
             
b. Dance supplies on hand,
$ 1 comma 100
.
Review the adjustments columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
b. Nov 30 Dance Supplies Expense   500  
      Dance Supplies     500
             
             
c. Depreciation on dance equipment,
$ 2 comma 300
.
Review the adjustments columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
c. Nov 30 Depreciation Expense, Dance Equipment   2,300  
Accumulated Depreciation, Dance
          2,300
Equipment
             
             
d. Salaries earned by employees but not to be paid until
December
,
$ 900
.
Review the adjustments columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
d. Nov 30 Salaries Expense   900  
      Salaries Payable     900
             
             
Now journalize the closing entries.
Begin by closing out the revenue account.
Review the income statement columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Nov 30 Dance Fees Earned   21,800  
      Income Summary     21,800
             
             
Close out the expense accounts.
Review the income statement columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Nov 30 Income Summary   7,800  
      Insurance Expense     500
      Advertising Expense     1,100
      Depreciation Expense, Dance Equipment     2,300
      Telephone Expense     900
      Salaries Expense     2,500
      Dance Supplies Expense     500
             
Close out Income Summary.
Review the income statement columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Nov 30 Income Summary   14,000  
      D. Draper, Capital     14,000
             
             
Close out the Withdrawals account.
Review the adjusted trial balance columns you prepared above.
LOADING...
Journal Entry  
  Date Account Titles PR Dr. Cr.
  201X         
  Nov 30 D. Draper, Capital   700  
      D. Draper, Withdrawals     700