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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.
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§ You are also required to apply theJournals and ledgers instructions provided in previous weeks.
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Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger
GENERAL JOURNAL
Date
Account and Explanation
Post
Ref.
Debit
Credit
Jun
30
Income Summary
(select)
(select)
(select)
(select)
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(select)
(select)
(select)
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(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
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