Name: Section: roblem 5-1-OverPriced Jeans, Inc. Closing Entries for February Beg. Balance Feb 01 Feb 04 Feb 22 Ending Balance Beg. Balance Feb 07 Feb 18 Feb 27 Ending Balance Beg. Balance Feb 15 Feb 18 Ending Balance Beg. Balance Feb 04 Feb 15 Feb 18 Feb 22 Ending Balance Beg. Balance Ending Balance Assets Cash Dr. Big Bank Cr. 35,000 62,000 76,000 40,000 Cash Dr. Little Bank Cr. 20,000 27,000 88,000 70,000 158,000 85,000 4,000 Accounts Dr. Receivable Cr. 0 17,000 36,000 17,000 Dr. Inventory Cr. 60,000 10,000 60,000 23,000 Dr. Equipment Cr. 16,000 22,000 28,000 General Ledger Liabilities Beg. Balance Ending Balance Beg. Balance Ending Balance Beg. Balance Feb 28 Ending Balance Beg. Balance Feb 28 Ending Balance Note Payable Dr. Big Bank Cr. 65,000 65,000 Note Payable Dr. Little Bank Cr. Dr. Big Bank 60,000 60,000 Interest Payable Cr. 0 600 600 Interest Payable Dr. Little Bank Cr. 450 450 Owners' Equity Beg. Balance Ending Balance Beg. Balance Ending Balance Beg. Balance Feb 04 Feb 15 Feb 18 Ending Balance After Close Bal Beg. Balance Feb 04 Feb 15 Feb 18 Ending Balance After Close Bal Beg. Balance Feb 01 Ending Balance After Close Bal Beg. Balance Feb 07 Feb 27 Ending Balance After Close Bal Beg. Balance Feb 28 Feb 28 Ending Balance After Close Bal Dr. Stock Dr. Dr. Dr. Dr. Common Dr. Retained Earnings Sales Revenue 16,000 22,000 28.000 66,000 Dr. Cost of Goods Cr. 75,000 4,000 4,000 75,000 Sold Cr. 0 Wages Expense 0 10,000 23,000 33.000 Cr. Cr. 0 62,000 88,000 110,000 260,000 Rent Expense Cr. 0 Cr. Interest Expense Cr 0 600 450 1,050
Name: Section: roblem 5-1-OverPriced Jeans, Inc. Closing Entries for February Beg. Balance Feb 01 Feb 04 Feb 22 Ending Balance Beg. Balance Feb 07 Feb 18 Feb 27 Ending Balance Beg. Balance Feb 15 Feb 18 Ending Balance Beg. Balance Feb 04 Feb 15 Feb 18 Feb 22 Ending Balance Beg. Balance Ending Balance Assets Cash Dr. Big Bank Cr. 35,000 62,000 76,000 40,000 Cash Dr. Little Bank Cr. 20,000 27,000 88,000 70,000 158,000 85,000 4,000 Accounts Dr. Receivable Cr. 0 17,000 36,000 17,000 Dr. Inventory Cr. 60,000 10,000 60,000 23,000 Dr. Equipment Cr. 16,000 22,000 28,000 General Ledger Liabilities Beg. Balance Ending Balance Beg. Balance Ending Balance Beg. Balance Feb 28 Ending Balance Beg. Balance Feb 28 Ending Balance Note Payable Dr. Big Bank Cr. 65,000 65,000 Note Payable Dr. Little Bank Cr. Dr. Big Bank 60,000 60,000 Interest Payable Cr. 0 600 600 Interest Payable Dr. Little Bank Cr. 450 450 Owners' Equity Beg. Balance Ending Balance Beg. Balance Ending Balance Beg. Balance Feb 04 Feb 15 Feb 18 Ending Balance After Close Bal Beg. Balance Feb 04 Feb 15 Feb 18 Ending Balance After Close Bal Beg. Balance Feb 01 Ending Balance After Close Bal Beg. Balance Feb 07 Feb 27 Ending Balance After Close Bal Beg. Balance Feb 28 Feb 28 Ending Balance After Close Bal Dr. Stock Dr. Dr. Dr. Dr. Common Dr. Retained Earnings Sales Revenue 16,000 22,000 28.000 66,000 Dr. Cost of Goods Cr. 75,000 4,000 4,000 75,000 Sold Cr. 0 Wages Expense 0 10,000 23,000 33.000 Cr. Cr. 0 62,000 88,000 110,000 260,000 Rent Expense Cr. 0 Cr. Interest Expense Cr 0 600 450 1,050
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 4AP
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I am supposed to use the information from the the general ledger and prepare the entries and then do the post closing
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