Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 8.00

Salinas Trailer Rental rents

preparation of Closing Entries

p1. Salinas Trailer Rental rents small trailers by the day for local moving jobs. Its adjusted trial balance at the end of the current fiscal year follows.

 

 

Salinas trailer rental Adjusted trial Balance June 30, 2014

 

Cash

1,384

 

Accounts Receivable

1,944

Supplies

238

Prepaid Insurance

720

Trailers

24,000

Accumulated Depreciation—Trailers

 

 

14,400

Accounts Payable

 

 

542

Wages Payable

 

 

400

D. Anatole, Capital

 

 

11,388

D. Anatole, Withdrawals

14,400

 

 

Trailer Rentals Revenue

 

 

91,092

Wages Expense

46,800

 

 

Insurance Expense

1,440

 

 

Supplies Expense

532

 

 

Depreciation Expense—Trailers

4,800

 

 

Other Expenses

21,564

 

 

 

117,822

 

117,822

 

rEQUIrED

1.    From the information given, record closing entries.

2.    ConCept ▶ If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?

 

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 10:08 PM My Price 8.00

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