After adjustment, these selected account balances of Cold Stream Campground are:
|
Debits |
Credits |
|
|
Retained earnings |
$540,000.00 |
|
|
Rental revenue |
960000 |
|
|
Salaries expense |
$336,000.00 |
|
|
Depreciated expense – Buildings |
64000 |
|
|
Utilities expense |
208000 |
|
|
Dividends |
32000 |
In T-account format, show how journal entries to close the books for the period would be posted. (You do not need to show the closing journal entries.) Enter these balances in the accounts before doing so. Key the postings from the first closing entry with the number (1), the second with the number
(2), and so on.
The following account balances appeared in the Income Statement columns of the work sheet entries prepared for Liu Company for the year ended 2010 December 31:
|
Account Titles |
Income Statement |
|
|
Debit |
Credit |
|
|
Service Revenue |
330,000 |
|
|
Advertising Expense |
1,350 |
|
|
Salaries Expense |
130,000 |
|
|
Utilities Expense |
2,250 |
|
|
Insurance Expense |
900 |
|
|
Rent Expense |
6,750 |
|
|
Supplies Expense |
2,250 |
|
|
Depreciation Expense—Equipment |
4,500 |
|
|
Interest Expense |
562 |
|
|
Interest Revenue |
1,125 |
|
|
148,552 |
331,125 |
|
|
Net Income |
182,553 |
|
|
331,125 |
331,125 |
|
Prepare the closing journal entries.