In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post *

| June 2, 2016

Question
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period.

Instructions for closing entries

1)Record closing entries in the general journal.

2)Post the closing entries from the general journal to the relevant general ledger accounts

3)Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers with a balance of zero. Although each ledger already has a running balance, the Post-Closing Balance row must still be filled out in order receive full points.

Back-On-Track functionality

.0/msohtmlclip1/01/clip_image001.gif” alt=”Learning centre icon”>

Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown.

Remember:

§ Enter all answers to the nearest whole dollar.

§ You are also required to apply the.perdisco.com/resources/html/scenario/accPS3popup20.html”>Journals and ledgers instructions provided in previous weeks.

Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.

Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger

GENERAL JOURNAL

Date

Account and Explanation

Post
Ref.

Debit

Credit

Jun

30

Income Summary

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(select)

(Closing entry to debit the Income Summary account)

Jun

30

(select)

(select)

(select)

(select)

(select)

(select)

Income Summary

(Closing entry to credit the Income Summary account)

Jun

30

(To close the balance of the Income Summary account)

(Q=958-301.RetainedProfits_ClosingEntries)

GENERAL LEDGER

Account: Retained Earnings
Account No. 301

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

131,445 CR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-310.ProfitAndLossSummary_ClosingEntries)

Account: Income Summary
Account No. 310

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-400.SalesRevenue_ClosingEntries)

Account: Sales Revenue
Account No. 400

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Total from sales journal

SJ

68,576

68,576 CR

Jun

30

Total from cash receipts journal

CRJ

45,280

113,856 CR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-401.SalesReturnsAndAllowances_ClosingEntries)

Account: Sales Returns and Allowances
Account No. 401

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

20

Sales return from Croquet and Cricket

GJ

656

656 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-402.SalesDisc_ClosingEntries)

Account: Sales Discounts
Account No. 402

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Total from cash receipts journal

CRJ

265

265 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-403.InterestRevenue_ClosingEntries)

Account: Interest Revenue
Account No. 403

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Interest received from the bank

GJ

600

600 CR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-500.CostOfSales_ClosingEntries)

Account: Cost of Goods Sold
Account No. 500

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

20

Sales return from Croquet and Cricket

GJ

368

368 CR

Jun

30

Total from sales journal

SJ

37,760

37,392 DR

Jun

30

Total from cash receipts journal

CRJ

23,384

60,776 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-511.AdvertisingExpense_ClosingEntries)

Account: Advertising Expense
Account No. 511

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Benefits consumed

GJ

3,000

3,000 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-516.WagesExpense_ClosingEntries)

Account: Wages Expense
Account No. 516

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Total from cash payments journal

CPJ

7,089

7,089 DR

Jun

30

Accrued wages expense

GJ

1,860

8,949 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-540.RentExpense_ClosingEntries)

Account: Rent Expense
Account No. 540

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Rent expired

GJ

4,150

4,150 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-541.ElectricityExpense_ClosingEntries)

Account: Electricity Expense
Account No. 541

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Accrued electricity expense

GJ

206

206 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-542.WaterExpense_ClosingEntries)

Account: Water Expense
Account No. 542

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Accrued water expense

GJ

116

116 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-543.InsuranceExpense_ClosingEntries)

Account: Insurance Expense
Account No. 543

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Insurance expired

GJ

1,000

1,000 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-544.SuppliesExpense_ClosingEntries)

Account: Office Supplies Expense
Account No. 544

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Supplies used

GJ

598

598 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-545.SalaryExpense_ClosingEntries)

Account: Salary Expense
Account No. 545

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Owner salary

CPJ

4,900

4,900 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-560.DepreciationExpenseCapitalAsset2_ClosingEntries)

Account: Depn Expense: Office Furniture
Account No. 560

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Depreciation – one month

GJ

125

125 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-561.DepreciationExpenseCapitalAsset1_ClosingEntries)

Account: Depn Expense: Office Equipment
Account No. 561

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Depreciation – one month

GJ

322

322 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-571.InterestExpense_ClosingEntries)

Account: Interest Expense
Account No. 571

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Accrued interest expense

GJ

220

220 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

(Q=958-572.BankCharges_ClosingEntries)

Account: Admin. Expense – Bank Charges
Account No. 572

Date

Description

Ref.

Debit

Credit

Balance

May

31

Balance

0

Jun

30

Bank service charge

GJ

10

10 DR

Jun

30

Jun

30

Jun

30

Jun

30

Post-Closing Balance

Order your essay today and save 30% with the discount code: ESSAYHELPOrder Now