EW_P3-30A

E4-16 (10-15 min.)

Journal Accounts and Explanations Debit Credit Closing Entries Dec 31 Service Revenue 117,500 Income Summary 117,500 Close Service Revenue 31 Income Summary 42,100 Salary Expense 33,000 Supplies 2,000 Depreciation Expense, furnitiure 1,100 Depreciation Expense, building 6,000 Close Expense 31 Income Summary 75,400 Marcia Sandvold, capital 75,400 Close Income Summary 31 Marcia Sandvold, capital 61,400 Marcia Sandvold, withdrawal 61,400 Close Withdrawal Req. 2 Marcia Sandvold, Capital $52,400 $61,400 $75,400 Bal. $66,400

P3-30A (45-60 min) Reqs. 1 and 3
Cash
22,200
Bal. 22,200
Accounts Receivable
$ 44,100
Bal. $ 44,100
Prepaid Insurance
3,100
Bal. 2,800
$
2,800
Supplies
$ 800 $ 200
$ 600
Bal.
Building
412,700
Bal. 412,700
Accumulated Depreciation
321,600 900 Bal. 322,500
Accounts Payable
Bal. 2,200
Salary Payable
Bal. 100
Unearned Service Revenue
$ 1,000
Bal.
Jane Carlsen, Withdrawals
2,300
1,000
Jane Carlsen, Capital
Bal. 155,000 Service Revenue
1,900 300
100
155,000
2,900 7,900 1,300 Bal. 2,900 Bal. 9,200
Salary Expense
2,100 100 Bal. 2,200
Insurance Expense
2,800
Bal. 2,800
Bal.
Depreciation Expense Advertising Expense
$ 900 800 300 900 Bal. 1,100
Supplies Expense
200
Bal. 200
Req. 2
Journal Accounts and Explanations
Adjusting entries at December 31, 2008
Date December
PR
Debit
2,800
200
200
900
900
300
300
100
100
1,300
1,300
31 Insurance Expense
Prepaid Insurance
31 Supplies Expense Supplies
Credit 2,800
Record insurance expense
Record supplies expense
31 Depreciation Expense
Accumulated Depreciation
31