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toni rogers

toni rogers
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.)
(To close expense accounts.)
(To close net income)
(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.
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
(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
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
20    Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.
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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