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dolphi86 [110]
2 years ago
12

The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas C

orporation.
Ladonna Douglas Corporation
ADJUSTED TRIAL BALANCE
July 31, 20--
ACCOUNT TITLE DEBIT CREDIT
Cash 34,750.00
Accounts Receivable 9,750.00
Office Supplies 2,525.00
Store Supplies 4,785.00
Machinery 10,750.00
Accumulated Depreciation 2,150.00
Accounts Payable 14,300.00
Notes Payable 11,500.00
Common Stock 33,725.00
Retained Earnings 20,000.00
Dividends 13,250.00
Service Revenue 41,500.00
Wages Expense 37,425.00
Rent Expense 3,000.00
Advertising Expense 2,750.00
Office Supplies Expense 1,465.00
Store Supplies Expense 2,150.00
Depreciation Expense 575.00
Totals 123,175.00 123,175.00
Required:
Utilize these adjusted values to perform the closing entries for Ladonna Douglas Corporation.
Business
1 answer:
xxTIMURxx [149]2 years ago
3 0

Answer:

Jul-31

Dr Service revenue $41,500

Dr Retained earnings $5,865

Cr Wages expense $37,425

Cr Rent expense $3,000

Cr Advertising expense $2,750

Cr Office supplies expense $1,465

Cr Store supplies expense $2,150

Cr Depreciation expense $575

Jul-31

Dr Retained earnings $13,250

Cr Dividends $13,250

( To close dividends)

Explanation:

Preparation of the closing entries for Ladonna Douglas Corporation

First step is to prepare the income statement

INCOME STATEMENT

Revenues:

Service revenue $41,500

Less Expenses:

Wages expense $37,425

Rent expense $3,000

Advertising expense $2,750

Office supplies expense $1,465

Store supplies expense $2,150

Depreciation expense $575

Total expenses (-$47,365)

Net Loss ($5,865)

($41,500-$47,365)

Now let Prepare the closing entries

Jul-31

Dr Service revenue $41,500

Dr Retained earnings $5,865

Cr Wages expense $37,425

Cr Rent expense $3,000

Cr Advertising expense $2,750

Cr Office supplies expense $1,465

Cr Store supplies expense $2,150

Cr Depreciation expense $575

( To close income summary)

Jul-31

Dr Retained earnings $13,250

Cr Dividends $13,250

( To close dividends)

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