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Excel Assignment

1) The document provides an unadjusted trial balance, adjustments, adjusted trial balance, income statement, and statement of financial position for a business. 2) Post-closing entries are made to close revenue and expense accounts to the income summary account, and to close net income to the owner's capital account. 3) A post-closing ledger and trial balance are presented to show the final balances after all closing entries have been made.

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Rafia Tasnim
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© © All Rights Reserved
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Download as XLSX, PDF, TXT or read online on Scribd
33 views

Excel Assignment

1) The document provides an unadjusted trial balance, adjustments, adjusted trial balance, income statement, and statement of financial position for a business. 2) Post-closing entries are made to close revenue and expense accounts to the income summary account, and to close net income to the owner's capital account. 3) A post-closing ledger and trial balance are presented to show the final balances after all closing entries have been made.

Uploaded by

Rafia Tasnim
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Works

Accounts Title Unadjusted trial balance Adjustments


Dr Cr Dr Cr
Cash 15200
Supplies 2500 a) 1500
Prepaid Insurance 600 b) 50
Equipment 5000
Notes Payable 5000
Accounts Payable 2500
Unearned service Revenue 1200 d) 400
Owner's Capital 10000
Owner's Drawings 500
Service Revenue 10000 d) 400
e) 200
Salaries & Wages Expense 4000 g) 1200
Rent Expense 900
28700 28700
Supplies Expense a) 1500
Insurance Expense b) 50
Accum. Depreciation- Equipment c) 40
Depreciation Expense c) 40
Accounts Receivable e) 200
Interest Expense f) 50
Interest Payable f) 50
Salaries & Wages Payable g) 1200

3440 3440
Net Income
Worksheet
Adjusted Trial balance Income Statement Statement of Financial Position
Dr Cr Dr Cr Dr
15200 15200
1800 1000
550 550
5000 5000
5000
2500
800
10000
500 500
10600 10600

5200 5200
900 900

1500 1500
50 50
40
40 40
200 200
50 50
50
1200

30190 30190 7740 10600 22450


2860

10600 10600 22450


of Financial Position
Cr

5000
2500
800
10000

40

50
1200

19590
2860

22450
Post-Closing Entries
Date Accounts Title & Explanation Ref. Dr
2020
Oct.31 Service Revenue 400 10600
Income Summary 350
( To close revenue account)

Oct.31 Income Summary 350 7740


Supplies Expense 631
Depreciation expense 711
Insurance Ecpense 722
Salaries & Wages Expense 726
Rent Expense 729
Interest Expense 905
( To close expense accounts)

Oct.31 Income Summary 350 2860


Owner's Capital 301
( To close net income to capital)

Oct. 31 Owner's Capital 301 500


Owner's drawings 306
( to close drawings to capital)
Cr

10600

1500
40
50
5200
900
50

2860

500
Post- Closing Ledger
Owner's Drawings No. 306 Insurance Expe
Date Explanation Ref. Dr Cr Balance Date
2020 2020
Oct. 20 J1 500 500 Oct. 31
31 J3 500 0 31

Income Summary No. 350 Salaries & Wages E


Date Explanation Ref. Dr. Cr. Balance Date
2020 2020
Oct. 31 Closing Entry J3 10600 10600 Oct. 26
31 Closing Entry J3 7740 2860 31
31 Closing Entry 2860 0 31

Service Revenue No. 400 Rent Expens


Date Explanation Ref. Dr. Cr. Balance Date
2020 2020
Oct.31 J1 10000 10000 Oct. 3
31 Adj. entry J2 400 10400 31
31 Adj. entry J2 200 10600
31 Closing entry J3 10600 0

Supplies Expense No. 631 Interest Expen


Date Explanation Ref. Dr. Cr. Balance Date
2020 2020
Oct. 31 Adj. entry J2 1500 1500 Oct. 31
31 Closing entry J3 1500 0 31

Depreciation Expense No. 711 Owner's Capit


Date Explanation Ref. Dr. Cr. Balance Date
2020 2020
Oct. 31 Adj. entry J2 40 40 Oct. 1
31 Closing entry J3 40 0 31
31
g Ledger
Insurance Expense No. 722
Explanation Ref. Dr. Cr. Balance

Adj. entry J2 50 50
Closing entry J3 50 0

Salaries & Wages Expense No. 726


Explanation Ref. Dr. Cr. Balance

J1 4000 4000
Adj. entry J2 1200 5200
Closing entry J3 5200 0

Rent Expense No.729


Explanation Ref. Dr. Cr. Balance

J1 900 900
Closing entry J3 900 0

Interest Expense No. 905


Explanation Ref. Dr. Cr. Balance

Adj. entry J2 50 50
Closing entry J3 50 0

Owner's Capital No. 301


Explanation Ref. Dr. Cr. Balance

J1 10000 10000
Closing entry J3 2860 12860
Closing entry J3 500 12360
Post-Closing Trial Balance
Oct. 31, 2020
Accounts Title Dr Cr
Cash 15200
Accounts Receivable 200
Supplies 1000
Prepaid Insurance 550
Equipment 5000
Accumulated Depreciation- Equipment 40
Notes Payable 5000
Accounts Payable 2500
Unearned Service Revenue 800
Salaries & Wages Payable 1200
Interest Payable 50
Owner's Capital 12360

21950 21950

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