90.2K

Verified Solution

Link Copied!

The company has $800 in accrued wages for the last day of the December

The Insurance Expense expired or used was $400 for December.

The adjusting entry for depreciation of the computer equipment on December 31 is $200.00 and office furniture is $500.00.

The company found a missing invoice for $1,400 from John Jones a customer for merchandise that was shipped on December 31. The entry has not been recorded yet.

Accrued fees revenue at December 30 are $1,500.

Supplies on hand at December 30 are $450.

The 12/31/Unearned Rent for December should be $1,000 which will be earned next year.

Dewey purchased 1,000 shares of its Common Stock for $20,000

Declared $1.00 per share dividend on Common Stock

Recorded three months accrued interest on the 10% Bonds Payable-a liability, (3/12 8 10% * $100,000).

Dewey CorporationWork SheetFor the Month Ended December 31, 20--

Account Title	Pre-Adjusted Trial Balance		Income Statement		Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit
Cash	397,730
Accounts Receivable	800
Supplies	1,200
Prepaid Insurance	1,000
Computer Equipment	6,000
Accum. Depreciation Computer Equipment		1,500
Office Furniture	9,000
Accum. Depreciation -Office Furniture		2,000
Accounts Payable		1,300
10% Bonds Payable		100,000
Jones Common Stock, 20,000 shares @$10.00 PV		200,000
Retained Earnings		20,000
Unearned Fees Pay. Legal Service Fees		10,000 83,600
Wages Expense	950
Advertising Expense	110
Rent Expense	575
Supplies Expense	375
Telephone Expense	125
Insurance Expense	85
Deprec. Exp. Computer Equipment	250
Deprec. Exp. Office Furniture	160
Miscellaneous Exp.	40
	418,400	418,400
Net Income (Loss)

XI. Prepare the closing entries. You can summarize all the expenses and revenue accounts in the closing entry to Retained Earnings.

what ones will close out?

Answer & Explanation Solved by verified expert

See Answer