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USE THE GENERAL JOURNALS TO RECORD YOUR ANSWERS 1. It is the end...

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Accounting

USE THE GENERAL JOURNALS TO RECORD YOUR ANSWERS

1. It is the end of Kellcos fiscal year. You have been given the following adjusted ledger balances. The ledger account balances are the normal balances for each account.

Cash $1 25,000

Accounts Rec. 300,000

Inventory 75,000

Pre-paid expense 38,000

Land 100,000

Equipment 350,000

Accum. Depreciation 80,000

S.T. Notes Payable 150,000

Accounts Payable 125,000

Kelly Capital 175,000

Kelly Drawing 80,000

Income Summary 0

Sales 958,000

Wage Expense 250,000

Fuel Expense 35,000

Insurance Expense 35,000

Utilities Expense 85,000

Depreciation Expense 15,000

Required:

Make all the required closing entries. You do not have to prepare a Trial Balance to complete the problem just the closing journal entries. Use the journal paper on the next page to make your journal entries.

DATE

ACCOUNT

DR

CR

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