Answer the following questions:
1. After the accounts have been adjusted at January 31, 2010, the end of the fiscal year, the following
balances are taken from the ledger of Crystal Pool Service Company:
Morgan Olsen, Capital
Morgan Olsen, Drawing
Fees Earned
Wages Expense
Rent Expense
Supplies Expense
Miscellaneous Expense
$349,000
5,000
116,400
29,000
43,000
7,300
1,750
Journalize the four entries required to close the accounts
2. The following are all the steps in the accounting cycle. List them in the order in which they should be
done.
– Closing entries are journalized and posted to the ledger.
– An unadjusted trial balance is prepared.
– An optional end-of-period spreadsheet (work sheet) is prepared.
– A post-closing trial balance is prepared.
– Adjusting entries are journalized and posted to the ledger.
– Transactions are analyzed and recorded in the journal.
– Adjustment data are assembled and analyzed.
– Financial statements are prepared.
– An adjusted trial balance is prepared.
– Transactions are posted to the ledger.
3. Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is
the adjusted trial balance at December 31, 2010.
Cash
Accounts receivable
Interest receivable
Prepaid insurance
Notes receivable (long-term)
Equipment
Accumulated depreciation
Accounts payable
Accrued expenses payable
Income taxes payable
Unearned rent fees
Bob Evans, Capital
Bob Evans, Drawing
Rent fees earned
Furniture rental revenue
Interest revenue
Wages expense
Depreciation expense
Utilities expense
Insurance expense
Maintenance expense
Income tax expense
Total
Debit
Credit
$ 1,500
2,000
100
1,600
2,800
15,000
$3,000
2,400
3,920
2,700
500
3,700
2,000
37,000
1,200
100
19,000
1,800
320
700
9,000
2,700
$ 56,520
$ 56,520
1.Prepare the entry required to close the revenue accounts at the end of the period.
2.Prepare the entry required to close the expense accounts at the end of the period.
3.Prepare the closing entry required to transfer the income or loss at the end of the period.
4. Prepare the entry required to close out the Drawing account at the end of the period.
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