Using the trial balance Journalize the closing entries and balance off the ledger accounts including the income summary account.Prepare the post-closing trial balance. 12345 AccountCash6A7 Accounts Receivables8 Supplies (141,050-76050)CD Shipping Agent LtdAdjusted Trial BalanceAs at 31 December 20229 Prepaid Rent (375,000-300,000)10 Prepaid Insurance (150,000-120,000)11Furniture and Equipment12 Other Creditors13Salary Payable14 Unearned Fees (200,000-180,000)Insurance Expense15242516 Capital Stock17 Fees Earned (890,000+180,000)18 Salary Expense (240,000+140,000)19 Rent Expense20Supplies Expense21 Utilities Expense22 Advertising Expense23DrB211,200337,50065,00075,00030,000600,000120,000CrC130,000140,00020,0001,100,5501,070,000380,000300,00076,050250,00015,8002,460,550 2,460,550ㄷ

Preparation of closing entries is a method used by the business entity to close its temporary…

72 2 3 4 5 6 Account Cash 7 Accounts Receivables. 8 Supplies (141,050-76050) A 9 Prepaid Rent (375,000-300,000) 10 11 12 Other Creditors Salary Payable CD Shipping Agent Ltd Adjusted Trial Balance As at 31 December 2022 Prepaid Insurance (150,000-120,000) Furniture and Equipment 16 Capital Stock 17 13 14 Unearned Fees (200,000-180,000) 15 Insurance Expense Fees Earned (890,000+180,000) 18 Salary Expense (240,000+140,000) 19 Rent Expense 20 Supplies Expense 21 Utilities Expense 22 Advertising Expense 23 24 Dr B 211,200 337,500 65,000 75,000 30,000 600,000 120,000 380,000 300,000 76,050 250,000 15,800 2,460,550 Cr C 130,000 140,000 20,000 1,100,550 1,070,000 2,460,550

72 2 3 4 5 6 Account Cash 7 Accounts Receivables. 8 Supplies (141,050-76050) A 9 Prepaid Rent (375,000-300,000) 10 11 12 Other Creditors Salary Payable CD Shipping Agent Ltd Adjusted Trial Balance As at 31 December 2022 Prepaid Insurance (150,000-120,000) Furniture and Equipment 16 Capital Stock 17 13 14 Unearned Fees (200,000-180,000) 15 Insurance Expense Fees Earned (890,000+180,000) 18 Salary Expense (240,000+140,000) 19 Rent Expense 20 Supplies Expense 21 Utilities Expense 22 Advertising Expense 23 24 Dr B 211,200 337,500 65,000 75,000 30,000 600,000 120,000 380,000 300,000 76,050 250,000 15,800 2,460,550 Cr C 130,000 140,000 20,000 1,100,550 1,070,000 2,460,550

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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