CLOSING JOURNAL ENTRIES

Quality Auto Repair Shop

General Journal
Dec. 31, 2016

Date Particulars PR Debit Credit

Dec. 31 Repair Income 401 xxx
Rent Income 402 xxx
Income and Expense Summary 303 xxx
To close the income accounts

Income and Expense Summary 303 xxx

Salaries Expense 501 xxx
Rent Expense 502 xxx
Supplies Expense 503 xxx
Light & Water Expense 504 xxx
Gas & Oil Expense 505 xxx
Communication Expense 506 xxx
Tel. & Telegrams Expense 507 xxx
Advertising Expense 508 xxx
Dep'n. - Furniture & Fixture 509 xxx
Dep'n. - Office Equipment 510 xxx
Dep'n. - Repair Equipment 511 xxx
Impairment Loss 512 xxx
Interest Expense 521 xxx
To close the expense accounts

Income and Expense Summary 303 xxx

D. Maputim Drawing 302 xxx
To close the Income and
Expense Summary

D. Maputim Drawing 302 xxx

D. Maputim Capital 301 xxx
To close the drawing account
 Quality Auto Repair Shop
Post Closing Trial Balance
Dec. 31, 2016

Accounts Debit Credit

Cash xxx
Accounts Receivable xxx
Allowance for Impairment Loss xxx
Unused Supplies xxx
Prepaid Advertising xxx
Rental Receivable xxx
Tools xxx
Furniture & Fixtures xxx
Accum. Dep'n. - Furniture & Fixture xxx
Office Equipment xxx
Accum. Dep'n. - Office Equipment xxx
Repair Equipment xxx
Accum. Dep'n. - Repair Equipment xxx
Note Payable xxx
Accounts Payable xxx
Light & Water Payable xxx
Interest Payable xxx
Unearned Repair Income xxx
Loan Payable xxx
D. Maputim, Capital xxx

Totals P P