Closing Adjusting entries with the effect of Trail balances

Feb 3rd, 2012
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pass the general journal closing entries and give the effect to trail balances through the closing adjustments.

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PART A (24 Points) In the journal for McBride Company provided below, record the appropriate adjusting entries as ofDecember 31. Please noa. The Store Supplies account showed a beginning balance of $300 and purchases of $700. Unused store supplies at the end of theb. On December 1, the company paid three months rent in advance, debiting Prepaid Rent for $2,100.c. Equipment purchased January 1 of the current year for $16,000 was estimated to have a useful life of 4 years with no salvage vald. Wages are paid each Friday for a 5-day week. The salary is set at a fixed rate of $1,000 per day, and the accounting period endee. On November 1, the company accepted a $15,000, 12%, 6-month Note Receivable. An adjusting entry should be made to accruef. The balance in Unearned Commissions Revenue at December 31, is $1,800. This represents a customer deposit for which one-haMcBRIDE COMPANY GENERAL JOURNALPART B (30 Points)Below is an Adjusted Trial Balance for Brown Company for the year ended December 31. In the space provided on the next two pageRequired: a. Record the appropriate closing entries in the general journal below. b. Prepare a Post-Closing Trial Balance on the form providedBROWN COMPANYAdjusted Trial BalanceDecember 31, 20xxDEBIT$ 2,150CashCREDITAccount Receivable2,600Office Supplies2,500Office Equipment12,000AccumulatedDepreciation, OfficeEquipmentAccounts Payable$ 4,500C.R. Brown, Capital10,200800C.R. Brown, Drawing500

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