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US Kimmel, Financial Accounting, 8e y & Practice Assianmen Gradebook ORION Downloadable eTextbook Assignment RCES Brief Exercise 4-13 The following selected accounts appear in the adjusted trial balance for Deane Company. Identify the accounts that would be included in a post-closing trial balance. 13 (b) Depreciation Expense (c) Retained Earnings (ending). (d) Dividends. (e) Service Revenue. ( Supplies. (g) Accounts Payable All Rights Reserved, A
Expert Answer
| 1- | Identify the accounts which would be included in post closing trial balance | Accounts | Included or not included | ||
| A | accumulated depreciation | Included | |||
| B | Depreciation expense | Not included | |||
| C | retained earning | Included | |||
| D | Dividend | Not included | |||
| E | Service revenue | Not included | |||
| F | Supplies | Included | |||
| G | Accounts payable | Included | |||
| 2- | Closing Journal entries | ||||
| date | explanation | debit | credit | ||
| 1- | service revenue | 16000 | |||
| income summary | 16000 | ||||
| 2- | income summary | 11900 | |||
| salaries and wages expense | 8400 | ||||
| maintenance and repairs expense | 2500 | ||||
| income tax expense | 1000 | ||||
| 3- | income summary | 4100 | |||
| retained earnings | 4100 | ||||
| 4- | retained earning | 1300 | |||
| dividend payable | 1300 | ||||
| opening balance in retained earnings | 20000 | ||||
| add income summary | 4100 | ||||
| less dividend | 1300 | ||||
| Year end balance in retained earnings | 22800 | ||||
| Journal entries | |||||
| 3- | date | explanation | debit | credit | |
| 1- | supplies expense | 2000 | |||
| supplies | 2000 | ||||
| 2- | insurance expense | 100 | |||
| prepaid insurance | 100 | ||||
| 3- | Depreciation expense | 75 | |||
| accumulated depreciation | 75 | ||||
| 4- | unearned service revenue | 800 | |||
| service revenue | 800 | ||||
| 5- | accounts receivable | 280 | |||
| service revenue | 280 | ||||
| 6- | interest expense | 70 | |||
| accrued interest expense | 70 | ||||
| 7- | salaries expense | 1400 | |||
| accrued salaries | 1400 | ||||
| Adjustment Journal Entries | |||||
| date | explanation | debit | credit | ||
| 4- | 1- | notes receivables | 1200 | ||
| interest revenue on notes receivables | 1200 | ||||
| 2- | supplies expense | 5400 | |||
| supplies expense | 5400 | ||||
| 3- | rent expense | 900 | |||
| prepaid rent | 900 | ||||
| 4- | salaries and wages expense | 3100 | |||
| accrued salaries and wages | 3100 | ||||
| 5- | depreciation on building | ||||
| accumulated depreciation on building | |||||
| 6- | unearned service revenue | 4700 | |||
| service revenue | 4700 | ||||
| 7- | maintenance and repair expense | 2300 | |||
| accrued maintenance and repair expense | 2300 |
