Chapter 4 Assignment

Name: Andre Forrest

Instructions
Using Microsoft Excel complete the following:
A. Prepare the necessary closing entries as of December 31, 2011
B. Post the closing entries to the selected ledger accounts.
C. Prepare a Post Closing Trial Balance.
Hints: Only enter infromation in the cells with grey backgrounds.
In the general ledger and trail balance you will need to leave some grey cells blank.
Information
Below is the adjusted trial balance for Computer Services as of December 31, 2011.
Dr. Cr.
Cash 8,405
Accounts Receivable 5,147
Supplies 2,575
Prepaid Insurance 1,580
Equipment 6,000
Accumulated Depreciation - Equip 600
Accounts Payable 3,489
Salaries Payable 1,155
Unearned Rent Revenue 575
Jack Smith, Capital 10,000
Jack Smith, Drawing 4,500
Service Revenue 33,017
Rental Revenue 1,050
Depreciation Expense 600
Insurance Expense 680
Rent Expense 3,500
Salaries Expense 12,854
Supplies Expense 2,587
Utilities Expense 1,458
Totals 49,886 49,886
A.
DEBIT CREDIT
12-31 33,017
1,050
34,067 Income Summary
Rental Revenue
Adjusted
Trial Balance
General Journal
ACCOUNT
Services Revenue
12-31 21,679
600
Insurance Expense 680
Rent Expense 3,500
Salaries Expense 12,854
Supplies Expense 2,587
Utilities Expense 1,458
12-31 10,000
10,000
12-31 4,500
4,500
B.
12-31 21,679 12-31 34,067 12-31
12-31 10,000 12-31 4,500
Bal. 2,388 Bal.

C.
Debit
8,405
Accounts Receivable 5,147
2,575
1,580
6,000
Jack Smith, Capital
4,500
Totals 23,707
Salaries Payable
Unearned Rent Revenue
Jack Smith, Drawing
Prepaid Insurance
December 31, 2011
Cash
Supplies
Equipment
Accumulated depreciation-equipment
Accounts Payable
Post Closing Trail Balance
Income Summary
Depreciation Expense
Income Summary
Jack Smith, Capital
Jack Smith, Capital
Jack Smith, Drawing
General Ledger
Income Summary Jack Smith, Capital
Computer Services
10,000
5,500
Credit
600
3,489
1,155
575
10,000
15,819
December 31, 2011
Post Closing Trail Balance
General Ledger
Jack Smith, Capital
Computer Services