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Seatwork #6

The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.

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Jasmine Maningo
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418 views5 pages

Seatwork #6

The document summarizes the closing entries made on December 31 to close revenue and expense accounts for the period and transfer the net income to the capital account. It includes an income summary account to total revenues and expenses, and entries to close this account and record the net income of $128,090 in the capital account owned by Nelson Ricafort. A post-closing trial balance and statement of changes in equity are also presented.

Uploaded by

Jasmine Maningo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Closing Entries

Date Particulars Debit Credit


Dec. 31 Fees earned P459,500
Rental Income 6,000
Interest Income 200
Income Summary 455,700
To close the Revenue Account

31 Income Summary P327,610


Salary Expense 219,900
Rent Expense 60,000
Utilities Expense 16,500
Insurance Expense 5,400
Office Suppplies Expense 4,050
Depreciation Expense 9,160
Miscellaneous Expense 12,600
To close the Expense Account

31 Income Summary 128,090


Nelson Ricafort, Capital 128,090
To close the Income and Expense Account

31 Nelson Ricafort, Capital 40,400


Nelson Ricafort, Drawings 40,400
Nelson Ricafort, CPA
Post-Closing Trial Balance
December 31, 200C
Accounts Debit Credit
Cash P30,250
Accounts Recievable 60,000
Notes Recievable 20,000
Accrued Interest Income 200
Unused Office Supplies 1,350
Prepaid Insurance 1,800
Office Equipment 91,600
Accumulated Depreciation P27,480
Accounts Payable 9,250
Accrued Rent Expense 5,000
Accrued Salaries Expense 4,400
Unearned Fees 6,500
Nelson Ricafort, Capital 152,570
TOTAL P205200 P205200
Nelson Ricafort, CPA
Statement of Changes in Equity
December 31, 200C
Balance, Dec 1, 200C P0
Add: Investment of N. Ricafort 64,880
Net Income for December 128,090
Less: Drawings in December -40,400
Total P152,570
General Journal
Date Particulars Debit Credit
Cash P30,250
Accounts Recievable 60,000
Notes Recievable 20,000
Accrued Interest Income 200
Unused Office Supplies 1,350
Prepaid Insurance 1,800
Office Equipment 91,600
Accumulated Depreciation P27,480
Accounts Payable 9,250
Accrued Rent Expense 5,000
Accrued Salaries Expense 4,400
Unearned Fees 6,500
Nelson Ricafort, Capital 152,570
Opening Entry
General Journal
Date Particulars Debit Credit
Jan 1. Interest Income 200
Accrued Interest Income 200
Reversing Entry

Supplies Expense 1,350


Unused Office Supplies 1,350
Reversing Entry

Insurance Expense 1,800


Prepaid Insurance 1,800
Reversing Entry

Account Payable 9,250


Account Expense 9,250
Reversing Entry

Accrued Rent Expense 5,000


Rent Expense 5,000
Reversing Entry

Accrued Salary Expense 4,400


Salary Expense 4,400
Reversing Entry

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