Accounting

ACCOUNTING 5

LARGE COMPANY, INC TRIAL BALANCE AS AT DEC 31ST, 2007

DR

CR

Cash

4,000

Prepaid insurance

1,600

Supplies

2,100

Equipment

20,000

Accumulated depreciation

2,000

Capital

19,000

Withdrawals

2,000

Revenue

33,000

Salaries expense

18,300

Rent expense

6,000

54,000

54,000

LARGE COMPANY, INC TRIAL BALANCE AS AT DEC 31ST, 2007

Adjustments

Adjusted Trial balance

DR

CR

DR

CR

DR

CR

Cash

4,000

4,000

prepaid insurance

1,600

600

1,000

supplies

2,100

800

1,300

equipment

20,000

1,000

19,000

accumulated depreciation

2,000

2,000

capital

19,000

19,000

withdrawals

2,000

2,000

revenue

33,000

33,000

salaries expense

18,300

700

19,000

rent expense

6,000

6,000

54,000

54,000

Insurance expense

600

600

Supplies expense

800

800

Depreciation expense

1000

1,000

Salaries payable

700

700

Journal Entries for Adjustments

Debit

Credit

Insurance Expense 600

Prepaid insurance 600

Supplies expense800

Supplies 800

Depreciation expense1000

Equipment 1000

Salaries expense 700

Salaries payable 700

Closing Entries

DR

CR

Revenues

33,000

Income Summary

33,000

Income Summary

27,400

Salaries Expense

19,000

Rent Expense

6,000

Insurance Expense

600

Supplies Expense

800

Depreciation Expense

1,000

Income Summary

5,600

Retained Earnings

5,600

Withdrawals

2,000

Retained Earnings

2,000

Debit

Credit

Revenues 33000

Income summary 33000

Income summary 27,400

Expense account 27,400

Income Summary 5,600

Retained earnings 5,600

Retained earnings 2,000

Retained earnings 2,000

Post-Closing Trial Balance

DR

CR

Cash

4,000

Prepaid Insurance

1,000

Supplies

1,300

Equipment

19,000

Acc. Depreciation

2,000

Capital

19,000

salaries payable

700

Retained earnings

3,600

Total

25,300

25,300

References

Weygandt,J. J. (2009).&nbspFinancialaccounting.Hoboken, N.J: Wiley.