Closing Problem
The ledger accounts of E-Resources appear as follows on March 31, 201X:
All accounts have normal balances. Journalize and post the closing entries.
The adjusted trial balance balances have been entered into the General
Ledgers accounts for you.
1.
2.
?
3.
Journal the closing entries
Post the closing entries to the GL accounts
Include revenue, expenses and draw
Prepare a post closing trial balance
TRIAL BALANCE
Cash
accounts rec
Supplies
Ppd Insurance
Equipment
Accum Drp Equip
Accounts Payable
Capital
Draw
Fee income
Depr expense eq
Salary expense
Insurance expense
Rent expense
Supply expense
Telephone expense
utilities expense
Adjusted Trail Balance
DR
80.000
58.820
10.600
25.000
118.000
CR
41.320
13.000
130.000
13.000
374.460
21.160
166.000
11.400
33.000
5.600
6.800
9.400
558.780
558.780
Prepare the Closing Entries
Closing entries
Account title
1
Debit
Credit
2
3
4
Enter the beginning balances from the trail balance into the General Ledger
Post the Closing Entries to the General Ledger
General Ledger
Cash
Ref
Debit
accounts receivable
Ref
Debit
Credit
Balance
Credit
Balance
Equipment
Ref
Debit
Credit
Balance
Accum Depr EQ
Ref
Debit
Credit
Balance
Supplies
Ref
Debit
Credit
Balance
PPd Insurance
Ref
Debit
Credit
Balance
Accounts Payable
Ref
Debit
Credit
Balance
Capital
Ref
Debit
Credit
Balance
Drawing
Ref
Debit
Credit
Balance
Fee Income
Ref
Debit
Credit
Balance
Rent Expense
Ref
Debit
Credit
Balance
Salary Expense
Ref
Debit
Credit
Balance
Telephone Expense
Ref
Debit
Credit
Balance
Utilties Expense
Ref
Debit
Credit
Balance
Depreciation expense
Ref
Debit
Credit
Balance
Insurance Expense
Ref
Debit
Credit
Balance
Supplies Expense
Ref
Debit
Credit
Balance
Income Summary
Ref
Debit
Credit
Balance
Prepare the Post Closing Trial Balance
E Resources
Post Closing Trial balance
March 31, 201X
Accounts
Debit
–
Totals
Credit

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