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Problem 3 ACCA101

This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

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Nicole Fidelson
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884 views3 pages

Problem 3 ACCA101

This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

Uploaded by

Nicole Fidelson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Accounts Receivable 260,000.

00 closing entries
Supplies Expense 710,000.00
Salaries Expense 2,270,000.00 Printing Revenues
Printing Revenues 8,130,000.00 Income Summary
Prepaid Insurance 320,000.00
Depreciation Expense 250,000.00
Supplies 160,000.00
Salaries Payable 310,000.00 Income Summary
Printing Equipment 5,520,000.00 Supplies Expense
Prepaid Advertising 70,000.00 Salaries Expense
Labalan, Withdrawals 1,500,000.00 Depreciation Expense
Interest Payable 40,000.00 Repairs Expense
Cash 160,000.00 Telephone Expense
Repairs Expense 10,000.00 Utilities Expense
Accounts Payable 190,000.00 Interest Expense
Telephone Expense 20,000.00 Miscellaneous Expense
Utilities Expense 80,000.00
Unearned Printing Revenues 210,000.00
Interest Expense 300,000.00
Labalan, Capital 340,000.00 Income summary
Notes Payable 2,500,000.00 Capital
Miscellaneous Expense 90,000.00

Labalan, Capital
Labalan, Withdrawals
closing entries

Printing Revenues 8,130,000.00 8,130,000.00


Income Summary 8,130,000.00 - 3,730,000.00
to close credit accounts 4,400,000.00
to income summary

ncome Summary 3,730,000.00


Supplies Expense 710,000.00 3,730,000.00
Salaries Expense 2,270,000.00
Depreciation Expense 250,000.00
Repairs Expense 10,000.00
Telephone Expense 20,000.00
Utilities Expense 80,000.00
Interest Expense 300,000.00
Miscellaneous Expense 90,000.00
to close debit accounts to
income summary

ncome summary 4,400,000.00


Capital 4,400,000.00
to close income summary
to capital account

Labalan, Capital 1,500,000.00


Labalan, Withdrawals 1,500,000.00
to close drawing accounts
to capital account
Closing Entries
ACCOUNT TITLES
Dr. Cr.
Cash
Accounts Receivable
Prepaid Insurance
Prepaid Advertising
Supplies
Printing Equipment
Accounts Payable
Notes Payable
Salaries Payable
Interest Payable
Unearned Printing Revenues
Labalan, Capital 1,500,000.00 4,400,000.00
Labalan, Withdrawals 1,500,000.00
Income Summary 3,730,000.00 8,130,000.00
Printing Revenues 8,130,000.00
Salaries Expense 2,270,000.00
Supplies Expense 710,000.00
Depreciation Expense 250,000.00
Repairs Expense 10,000.00
Telephone Expense 20,000.00
Utilities Expense 80,000.00
Interest Expense 300,000.00
Miscellaneous Expense 90,000.00

Profit 4,400,000.00
17,760,000.00 17,760,000.00

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