Acc280 Closing Entres Ceckpint

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Axia College Material
Appendix F
Closing Entries and a Post-closing Trial Balance
Journalize Closing Entries
Use this template to journalize the closing entries for Goode Company at April 30, 2008.

GOODE COMPANY
Closing Entries at April 30, 2008
DATE
Apr 30

ACCOUNT TITLE AND EXPLANATION
Service Revenue
Income Summary

30 Income Summary
Salaries expense
Rent expense
Depreciation expense
Interest expense

DEBIT
CREDIT
15,590
15,590
12,328
10,840
760
671
57

30 Income Summary
Retained earnings

3,262

30 Retained Earnings
Dividends

3,650

3,262

3,650

a) Closing Entries

Axia College Material
Appendix F
Adjusting Entries, Posting, and Preparing an Adjusted Trial
Balance
Post Closing Entries
For Goode Company, use these T account templates to post the closing entries to Income Summary and Retained Earnings.

T ACCOUNTS
Income Summary
12328
3262
15590

Retained Earnings
15590
15,590

3650

5,960
3262
5,572

b) T Accounts

Axia College Material
Appendix F
Closing Entries and a Post-closing Trial Balance
Prepare a Post-Closing Trial Balance
Prepare a post-closing trial balance at April 30, 2008 for Goode Company.You can place summation formulas to compute totals at the end of debit and credit columns. Otherwise, you can compute totals using a calculator, then enter totals directly.

Goode Company
Post-Closing Trial Balance
30-Apr-08
DEBIT
Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated Depreciation
Notes Payable
Accounts Payable
Interest Payable
Common Stock
Retained Earnings

Totals

CREDIT
13,752
7,840
2,280
23,050
4,921
5,700
5,672
57
25,000
5,572
46,922

46,922

c) Post Closing Trial Balance

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