Question & Answer: US Kimmel, Financial Accounting, 8e y & Practice Assianmen Gradebook ORION Downloadable eTextbook Assi…..

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
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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

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