Exercise 4-6 Preparing closing entries and the post-closing trial balance LO2,3,4 CHECK FIGURE: Post-closing trial balance columns =...

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Accounting

Exercise 4-6 Preparing closing entries and thepost-closing trial balance LO2,3,4
CHECK FIGURE: Post-closing trial balancecolumns = $51,300
The adjusted trial balance at April 30,2017 for Willard Co.follows
Debit
Credit
101
Cash
3,600
106
Account receivable
8,500
153
Trucks
26,000
154
Accumulated depreciation, trucks
8,250
193
Franchise
13,200
201
Accounts Payable
9,600
209
Salaries Payable
3,200
233
Unearned Revenue
1,300
301
Sid Willard, capital
29,100
302
Sid Willard, withdrawals.
9,600
401
Plumbing Revenue
42,050
611
Depreciation Expense, Trucks
4,900
622
Salaries Expense
17,800
640
Rent Expense
3,000
677
Advertising Expense
6,900
901
Income Summary
Totals
93,500
93,500

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Closing Entries
Date	Accounts and Explanations	Debit	Credit
Dec-31	Plumbing revenue	$ 42,050.00
	Income Summery		$ 42,050.00
	(Revenue accounts closed)

Dec-31	Income Summery	$ 32,600.00
	Depreciation Expense, Trucks		$ 4,900.00
	Salaries Expense		$ 17,800.00
	Rent Expense		$ 3,000.00
	Advertising Expense		$ 6,900.00
	(Expenses Accounts closed)

Dec-31	Income Summery	$ 9,450.00
	Sid Willard, capital		$ 9,450.00
	(To close income summery)

Dec-31	Sid Willard, capital	$ 9,600.00
	Sid Willard, withdrawals.		$ 9,600.00
	(To close Drawings account)

Post closing Trial balance
		Debit	Credit
101	Cash	$ 3,600.00
106	Account receivable	$ 8,500.00
153	Trucks	$ 26,000.00
154	Accumulated depreciation, trucks		$ 8,250.00
193	Franchise	$ 13,200.00
201	Accounts Payable		$ 9,600.00
209	Salaries Payable		$ 3,200.00
233	Unearned Revenue		$ 1,300.00
301	Sid Willard, capital		$ 28,950.00

	TOTALS	$ 51,300.00	$ 51,300.00

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Transcribed Image Text

Exercise 4-6 Preparing closing entries and thepost-closing trial balance LO2,3,4CHECK FIGURE: Post-closing trial balancecolumns = $51,300The adjusted trial balance at April 30,2017 for Willard Co.followsDebitCredit101Cash3,600106Account receivable8,500153Trucks26,000154Accumulated depreciation, trucks8,250193Franchise13,200201Accounts Payable9,600209Salaries Payable3,200233Unearned Revenue1,300301Sid Willard, capital29,100302Sid Willard, withdrawals.9,600401Plumbing Revenue42,050611Depreciation Expense, Trucks4,900622Salaries Expense17,800640Rent Expense3,000677Advertising Expense6,900901Income SummaryTotals93,50093,500

		Debit	Credit
101	Cash	3,600
106	Account receivable	8,500
153	Trucks	26,000
154	Accumulated depreciation, trucks		8,250
193	Franchise	13,200
201	Accounts Payable		9,600
209	Salaries Payable		3,200
233	Unearned Revenue		1,300
301	Sid Willard, capital		29,100
302	Sid Willard, withdrawals.	9,600
401	Plumbing Revenue		42,050
611	Depreciation Expense, Trucks	4,900
622	Salaries Expense	17,800
640	Rent Expense	3,000
677	Advertising Expense	6,900
901	Income Summary
Totals		93,500	93,500