“In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the
next accounting period.
Instructions for closing entries
1)Record closing entries in the general
journal.
2)Post the closing entries from the general
journal to the relevant general ledger accounts
3)Record the final closing balance of each
ledger account in the Post-Closing Balance row of each ledger, even for ledgers
with a balance of zero. Although each ledger already has a running balance, the
Post-Closing Balance row must still be filled out in order receive full points.
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Please note that any answers from previous pages carried
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Remember:
Enter all answers to the nearest
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You are also required to
apply the.perdisco.com/resources/html/scenario/accPS3popup20.html””>Journals and ledgers instructions provided in previous weeks.
Before pressing the Submit answers button, we recommend
that you click the Show All tab and check that all relevant accounting
records have been completed.
Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral Ledger
GENERAL JOURNAL
Date
Account and Explanation
Post
Ref.
Debit
Credit
Jun
30
Income Summary
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(select)
(Closing entry to debit the Income Summary account)
Jun
30
(select)
(select)
(select)
(select)
(select)
(select)
Income
Summary
(Closing entry to credit the Income Summary account)
Jun
30
(To close the balance
of the Income Summary account)
(Q=958-301.RetainedProfits_ClosingEntries)
GENERAL LEDGER
Account: Retained Earnings
Account No. 301
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
131,445 CR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-310.ProfitAndLossSummary_ClosingEntries)
Account: Income Summary
Account No. 310
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-400.SalesRevenue_ClosingEntries)
Account: Sales Revenue
Account No. 400
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Total from sales
journal
SJ
68,576
68,576 CR
Jun
30
Total from cash
receipts journal
CRJ
45,280
113,856 CR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-401.SalesReturnsAndAllowances_ClosingEntries)
Account: Sales Returns and Allowances
Account No. 401
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
20
Sales return from
Croquet and Cricket
GJ
656
656 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-402.SalesDisc_ClosingEntries)
Account: Sales Discounts
Account No. 402
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Total from cash
receipts journal
CRJ
265
265 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-403.InterestRevenue_ClosingEntries)
Account: Interest Revenue
Account No. 403
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Interest received from
the bank
GJ
600
600 CR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-500.CostOfSales_ClosingEntries)
Account: Cost of Goods Sold
Account No. 500
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
20
Sales return from Croquet
and Cricket
GJ
368
368 CR
Jun
30
Total from sales
journal
SJ
37,760
37,392 DR
Jun
30
Total from cash
receipts journal
CRJ
23,384
60,776 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-511.AdvertisingExpense_ClosingEntries)
Account: Advertising Expense
Account No. 511
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Benefits consumed
GJ
3,000
3,000 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-516.WagesExpense_ClosingEntries)
Account: Wages Expense
Account No. 516
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Total from cash
payments journal
CPJ
7,089
7,089 DR
Jun
30
Accrued wages expense
GJ
1,860
8,949 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-540.RentExpense_ClosingEntries)
Account: Rent Expense
Account No. 540
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Rent expired
GJ
4,150
4,150 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-541.ElectricityExpense_ClosingEntries)
Account: Electricity Expense
Account No. 541
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Accrued electricity
expense
GJ
206
206 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-542.WaterExpense_ClosingEntries)
Account: Water Expense
Account No. 542
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Accrued water expense
GJ
116
116 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-543.InsuranceExpense_ClosingEntries)
Account: Insurance Expense
Account No. 543
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Insurance expired
GJ
1,000
1,000 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-544.SuppliesExpense_ClosingEntries)
Account: Office Supplies Expense
Account No. 544
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Supplies used
GJ
598
598 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-545.SalaryExpense_ClosingEntries)
Account: Salary Expense
Account No. 545
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Owner salary
CPJ
4,900
4,900 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-560.DepreciationExpenseCapitalAsset2_ClosingEntries)
Account: Depn Expense: Office Furniture
Account No. 560
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Depreciation – one
month
GJ
125
125 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-561.DepreciationExpenseCapitalAsset1_ClosingEntries)
Account: Depn Expense: Office Equipment
Account No. 561
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Depreciation – one
month
GJ
322
322 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-571.InterestExpense_ClosingEntries)
Account: Interest Expense
Account No. 571
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Accrued interest
expense
GJ
220
220 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
(Q=958-572.BankCharges_ClosingEntries)
Account: Admin. Expense – Bank Charges
Account No. 572
Date
Description
Ref.
Debit
Credit
Balance
May
31
Balance
0
Jun
30
Bank service charge
GJ
10
10 DR
Jun
30
Jun
30
Jun
30
Jun
30
Post-Closing Balance
In this stage of the accounting cycle, you are asked to
record closing entries in the general journal and then post them to the general
ledger accounts. This step must be completed to prepare the accounts for the
next accounting period. Instructions for closing entries 1)Record closing entries in the general
journal. 2)Post the closing entries from the general
journal to the relevant general ledger accounts 3)Record the final closing balance of each
ledger account in the Post-Closing Balance row of each ledger, even for ledgers
with a balance of zero. Although each ledger already has a running balance, the
Post-Closing Balance row must still be filled out in order receive full points.
Back-On-Track functionality.0/msohtmlclip1/01/clip_image001.gif”” alt=””Learning centre icon””>Please note that any answers from previous pages carried
through onto this page (either on the page or in a popup information page) have
been reset, if necessary, to the correct answers. Your particular answers from
previous pages are no longer shown. Remember:
Enter all answers to the nearest
whole dollar.
You are also required to
apply the.perdisco.com/resources/html/scenario/accPS3popup20.html””>Journals and ledgers instructions provided in previous weeks.Before pressing the Submit answers button, we recommend
that you click the Show All tab and check that all relevant accounting
records have been completed. Show AllSpecial JournalsGeneral JournalSubsidiary LedgersGeneral LedgerGENERAL JOURNALDateAccount and ExplanationPost
Ref.DebitCredit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30 (select) (select) (select) (select) (select) (select) Income
Summary (Closing entry to credit the Income Summary account) Jun 30 (To close the balance
of the Income Summary account) (Q=958-301.RetainedProfits_ClosingEntries)GENERAL LEDGERAccount: Retained Earnings
Account No. 301 DateDescriptionRef.DebitCreditBalance May31Balance 131,445 CR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-310.ProfitAndLossSummary_ClosingEntries)Account: Income Summary
Account No. 310 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-400.SalesRevenue_ClosingEntries)Account: Sales Revenue
Account No. 400 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Total from sales
journalSJ 68,57668,576 CR Jun30Total from cash
receipts journalCRJ 45,280113,856 CR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-401.SalesReturnsAndAllowances_ClosingEntries)Account: Sales Returns and Allowances
Account No. 401 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun20Sales return from
Croquet and CricketGJ656 656 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-402.SalesDisc_ClosingEntries)Account: Sales Discounts
Account No. 402 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Total from cash
receipts journalCRJ265 265 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-403.InterestRevenue_ClosingEntries)Account: Interest Revenue
Account No. 403 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Interest received from
the bankGJ 600600 CR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-500.CostOfSales_ClosingEntries)Account: Cost of Goods Sold
Account No. 500 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun20Sales return from Croquet
and CricketGJ 368368 CR Jun30Total from sales
journalSJ37,760 37,392 DR Jun30Total from cash
receipts journalCRJ23,384 60,776 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-511.AdvertisingExpense_ClosingEntries)Account: Advertising Expense
Account No. 511 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Benefits consumedGJ3,000 3,000 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-516.WagesExpense_ClosingEntries)Account: Wages Expense
Account No. 516 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Total from cash
payments journalCPJ7,089 7,089 DR Jun30Accrued wages expenseGJ1,860 8,949 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-540.RentExpense_ClosingEntries)Account: Rent Expense
Account No. 540 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Rent expiredGJ4,150 4,150 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-541.ElectricityExpense_ClosingEntries)Account: Electricity Expense
Account No. 541 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Accrued electricity
expenseGJ206 206 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-542.WaterExpense_ClosingEntries)Account: Water Expense
Account No. 542 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Accrued water expenseGJ116 116 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-543.InsuranceExpense_ClosingEntries)Account: Insurance Expense
Account No. 543 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Insurance expiredGJ1,000 1,000 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-544.SuppliesExpense_ClosingEntries)Account: Office Supplies Expense
Account No. 544 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Supplies usedGJ598 598 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-545.SalaryExpense_ClosingEntries)Account: Salary Expense
Account No. 545 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Owner salaryCPJ4,900 4,900 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-560.DepreciationExpenseCapitalAsset2_ClosingEntries)Account: Depn Expense: Office Furniture
Account No. 560 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Depreciation – one
monthGJ125 125 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-561.DepreciationExpenseCapitalAsset1_ClosingEntries)Account: Depn Expense: Office Equipment
Account No. 561 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Depreciation – one
monthGJ322 322 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-571.InterestExpense_ClosingEntries)Account: Interest Expense
Account No. 571 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Accrued interest
expenseGJ220 220 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance(Q=958-572.BankCharges_ClosingEntries)Account: Admin. Expense – Bank Charges
Account No. 572 DateDescriptionRef.DebitCreditBalance May31Balance 0 Jun30Bank service chargeGJ10 10 DR Jun30 Jun30 Jun30 Jun30Post-Closing Balance”
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