GLS Problem ACR4-3 Problem: On August 1, 2017, the following were the account balances of B&B Repair Services. Debits Credits Cash $ 6,040 Accumulated DepreciationEquipment $ 600 Accounts Receivable 2,910 Accounts Payable 2,300 Notes Receivable 4,000 Unearned Service Revenue 1,260 Supplies 1,030 Salaries and Wages Payable 1,420 Equipment 10,000 Common Stock 12,000 Retained Earnings 6,400 $23,980 $23,980 During August, the following summary transactions were completed. Aug. 1 Paid $400 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. 3 Paid August rent $380. 5 Received $1,200 cash from customers in payment of account. 10 Paid $3,120 for salaries due employees, of which $1,700 is for August and $1,420 is for July salaries payable. 12 Received $2,800 cash for services performed in August. 15 Purchased store equipment on account $2,000. 20 Paid creditors $2,000 of accounts payable due. 22 Purchased supplies on account $800. 25 Paid $2,900 cash for employees salaries. 27 Billed customers $3,760 for services performed. 29 Received $780 from customers for services to be performed in the future. Instructions: Use 2017 as the year for this problem. 1 To print this page, right click anywhere on the screen you want to print and click on Print. 2 Use the Entries menu to journalize the August entries. The account balances shown at the beginning of the problem have been journalized and posted. 3 Click on New for each transaction. 4 Enter the correct transaction date and year given in the problem. 5 These are considered Standard entries to be recorded in the General Journal (chosen by default). 6 Click on the Save icon to save the transaction. 7 Use the Reports menu to display/print and review your entries. To print a report, right click anywhere on the screen and click on Print (online version) or use the print icon (CD version). 8 If you need to make changes return to the Entries menu. Get the entry by the number of the transaction. Make your correction and Save the entry. 9 Use the Post menu to post the journal entries after all of the transactions are recorded. 10 If you need to make changes to an entry once it has been posted, use the Entries menu to get the entry, click on the Void icon, then enter the transaction with a new entry and save and post that entry. 11 Use the Reports menu to access/print the Trial Balance. Review the accounts for reasonableness. If changes are necessary see steps 8 and 9 above. 12 Use the Entries menu to record the following adjusting entries. Check the box next to Adjusting Entries. A count shows supplies on hand of $960. Accrued but unpaid employees salaries are $1,540. Depreciation on equipment for the month is $320. Services were performed to satisfy $800 of unearned service revenue. One months worth of advertising services has been received. One month of interest revenue related to the $4,000 note receivable has accrued. The 4-month note has a 6% annual interest rate. (Hint: Use the formula from Illustration 4-18 to compute interest.) 13 Use the Reports menu to display/print the entries. 14 Use the Post menu to post the adjusting entries. 15 Use the Reports menu to access/print the Adjusted Trial balance, Income Statement, Retained Earnings Statement, and the Balance Sheet. To print a report, right click anywhere on the screen and click on Print (online version) or use the print icon (CD version). 16 Use the Close menu to close the books. Click on Continue when requested. 17 To display/print the closing entries, click on System Closing Entries. 18 To display/print the Post Closing Trial Balance use the Reports menu. 19 To close a page click on the X in the upper right corner of the page. Hint: Cash balance is $2,020; Trial Balance totals are $30,700; Adjusted Trial Balance totals are $32,580; and Net Loss is $530. Most computerized accounting systems process the closing procedure automatically when initiated by the user. The closing procedures are:
1.	Close income statement accounts having credit balances to income summary.
2.	Close income statement accounts having debit balances to income summary.
3.	Close income summary account to retained earnings.
4.	Close dividends declared (cash) to retained earnings.
I need The closing journals entries are calculated from the data you have already entered into the computer.

17 27 Ready Insert Page Layout Formulas b& e) Journal Entries Date Particulars Debi Credit 1 Prepaid Advertising To Cash 3 Rent 380 To Cash 380 5 Cash 1200 Account Receivable 1200 10 Salaries and Wages Payable 1420 Salaries and wages 1700 To Cash 3120 12 Cash 2800 To Service Revenue 2800 15 Store Equipment 2000 To Account Payable 2000 20 Account Payable 2000 To Cash 2000 22 Supplies 800 To Account Payable 800 Sheet85 Sheet87 Sheet88 Sheet89 Sheet90 Sheet 86 Reference Solution Microsoft Excel a & C) Ledger Accounts To Cash To Prepaid Advertising To Cash To Interest To Balance c/d Sheet9 Sheet92 Sheet 93 Prepaid Advertising 400 By Balance Cld 400 Advertising E ense 200 By Balance C d 200 Rent Expense 380 By Balance C/d 380 Interest Receivable 80 By Balance C d 80 Service Revenue By Cash By Account Receivable 6560 6560 Interest Revenue By Interest Receivable 200 200 380 380 80 80 2800 3760 6560