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Chart of Accounts CHART OF ACCOUNTS Beachside Realty General Ledger ASSETS REVENUE 11 Cash 41 Rent Fees Earned 12 Accounts Receivable 42 Furniture Rental Revenue 13 Interest Receivable 43 Interest Revenue 14 Prepaid Insurance 15 Notes Receivable (long-term) EXPENSES 16 Equipment 51 Wages Expense 17 Accumulated Depreciation 52 Depreciation Expense 53 Utilities Expense LIABILITIES 54 Insurance Expense 55 Maintenance Expense 21 Accounts Payable 22 Accrued Expenses Payable 56 Income Tax Expense 23 Income Taxes Payable Chart of Accounts 15 Notes Receivable (long-term) EXPENSES 16 Equipment 17 Accumulated Depreciation 51 Wages Expense 52 Depreciation Expense 53 Utilities Expense LIABILITIES 54 Insurance Expense 21 Accounts Payable 55 Maintenance Expense 22 Accrued Expenses Payable 56 Income Tax Expense 23 Income Taxes Payable 24 Unearned Rent Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Instructions Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3 Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable (long-term) 2,800.00 6 Equipment 15,000.00 1 Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 Instructions 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17 Interest Revenue 100.00 18 Wages Expense 19,000.00 19 Depreciation Expense 1,800.00 20 Utilities Expense 320.00 21 Insurance Expense 700.00 22 Maintenance Expense 9,000.00 23 Income Tax Expense 2,700.00 24 Totals 58,520.00 58,520.00 Required: Prepare the entry required to close the revenue and eynense accounts at the end of the period Refer to the Chart of Accounts General Journal Prepare the entry required to close the revenue and expense accounts at December 31. Refer to the Chart of Accounts for exact wording of accc JOURNAL Acc DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS 1 2 3 4. 5 6 7 8 9 10

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