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Lera25 [3.4K]
3 years ago
12

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,800; Dividend

s $1,700; Services Revenue $31,000; Wages Expense $17,400; and Rent Expense $5,200. Prepare its December 31 closing entries.
Business
1 answer:
Oduvanchick [21]3 years ago
3 0

Answer:

Explanation:

The closing entries for the following accounts are shown below:

1. Service Revenue A/c Dr  $31,000

                          To Income Summary $31,000

(Being revenue account closed)

2. Income summary A/c Dr $22,600

                               To Wages Expense $17,400

                                To Rent Expense $5,200

(Being expenses accounts are closed)

3. Income summary A/c Dr $8,400

                  To Retained earning $8,400

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $1,700

             To Dividend A/c $1,700

(Being dividend account is closed)

The computation of the retained earning is shown below:

= Total revenues - total expenses

= $31,000 - $22,600

= $8,400

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1. The completion of the relevant ledger accounts for Gateway Ltd is as follows:

<h3>Cash Account</h3>

Date            Account Titles             Debit       Credit

January 1: Common Stock          $10,000

January 2: Inventory                                     $4,000

January 3: Delivery Van                               $2,000

January 5: Sales Revenue           $1,500

January 7: Accounts Payable                        $800

January 8: Rent Expense                              $200

Balance                                                       $4,500

<h3>Accounts Receivable</h3>

Date            Account Titles             Debit       Credit

January 6   Sales Revenue           $5,000

<h3>Inventory</h3>

Date            Account Titles             Debit       Credit

January 2    Cash                          $4,000

January 4    Accounts Payable       1,000

January 6   Cost of goods sold                   $5,000

<h3>Delivery Van</h3>

Date            Account Titles             Debit       Credit

January 3    Cash                         $2,000

<h3>Accounts Payable</h3>

Date            Account Titles             Debit       Credit

January 4    Inventory                                  $1,000

January 7    Cash                          $800

Balance                                         $200

<h3>Common Stock</h3>

Date            Account Titles             Debit       Credit

January 1     Cash                                         $10,000

<h3>Sales Revenue</h3>

Date            Account Titles             Debit       Credit

January 5   Cash                                            $1,000

January 6   Accounts Receivable                  5,000

Balance                                         $6,000

<h3>Cost of goods sold</h3>

Date            Account Titles             Debit       Credit

January 6    Inventory                  $5,000

<h3>Rent Expense</h3>

Date            Account Titles             Debit       Credit

January 8   Cash                            $200

2. The extraction of a trial balance for Gateway Ltd is as follows:

<h3>Trial Balance</h3>

As of January 9

Account Titles             Debit       Credit

Cash                            $4,500

Accounts Receivable   5,000

Delivery Van                2,000

Accounts Payable                         $200

Common Stock                           10,000

Sales Revenue                             6,500

Cost of goods sold     5,000

Rent Expense                200

Totals                      $16,700   $16,700

<h3>Data Analysis:</h3>

January 1: Cash $10,000 Common Stock $10,000

January 2: Inventory $4,000 Cash $4,000

January 3: Delivery Van $2,000 Cash $2,000

January 4: Inventory $1,000 Accounts Payable $1,000

January 5: Cash $1,500 Sales Revenue $1,500

January 6: Accounts Receivable $5,000 Sales Revenue $5,000

January 7: Accounts Payable $800 Cash $800

January 8: Rent Expense $200 Cash $200

Learn more about extracting a trial balance at brainly.com/question/14604253

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