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The ledger of Swann Company contains the following balances: D. Swann, Capital $30,000; D. Swann, Drawing $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies Expense $4,000. Prepare the closing entries at December 31. Click on the drop box to select the account.
 
(To close revenue account.)
31
(To close expense accounts.)
31
(To close net income)
31
(To close drawings.)
 
Q1:Apachi Company ended its fiscal year on July 31, 2010. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.
APACHI COMPANY
Adjusted Trial Balance
July 31, 2010
No. Account Titles Debits Credits
101 Cash $14,840
112 Accounts Receivable 8,780
157 Equipment 15,900
167 Accumulated Depreciation $7,400
201 Accounts Payable 4,220
208 Unearned Rent Revenue 1,800
301 B. J. Apachi, Capital 45,200
306 B. J. Apachi, Drawing 16,000
404 Commission Revenue 65,000
429 Rent Revenue 6,500
711 Depreciation Expense 4,000
720 Salaries Expense 55,700
732 Utilities Expense 14,900
$130,120 $130,120
Instructions
(a) Prepare the closing entries.
General Journal
 
 
(To close revenue.)
July 31
(To close expenses.)
July 31
(To close net loss.)
July 31
(To close drawings.)
Q2:On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. 6 Purchased 80 calculators at $20 each from De Vito Co. for cash.
9 Paid freight of $80 on calculators purchased from De Vito Co.
10 Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30.
14 Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.
Instructions
Journalize the September transactions.
Date Description/Account Debit Credit
Sept. 6
Sept. 9
Sept. 10
Sept. 12
(To record cost of merchandise sold.)
Sept. 14
(To record cost of merchandise sold.)
Sept. 20
(To record cost of merchandise sold.)
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