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journalizing and posting adjusting and closing entries with a net loss; preparing a...

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john18 | Honors

Posted September 29, 2013 at 7:43 PM via web

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journalizing and posting adjusting and closing entries with a net loss; preparing a post closing trial balance, rolstad repair service's partial worksheet for the month ended october 31 of the current year is given below. the general ledger accts. are given in the working papers. the general ledger accts. do not show all details for the fiscal period. the balance shown in each acct. is the accts. balance before adjusting and closing entries are posted. cash-balance sheet debit-$6,958.00, petty cash-balance sheet debit-$150.00, accts.rec.-m.hollerud- balance sheet debit-$197.00, supplies- adjustments credit-$1,400.00, balance sheet debit-$780.00, prepaid insurance- adjustments credit-$157.00, balance sheet debit-$800.00, accts.pay.-tampa supply-balance sheet credit-$612.00, ron rolstad,capital, balance sheet credit-$9,337.00, ron rolstad,drawing-balance sheet debit-$600.00, income summary-0, sales-income statement credit-$3,269.00,advertising expense-income statement debit-$450.00, insurance expense- adjustments debit-$157.00, income statement debit-$157.00, miscellaneous expense-income statement debit-$85.00, supplies expense- adjustments debit-$1,400.00, income statement debit-$1,400.00, utilities expense debit-$1,641.00, totals for all adjustments debits-$1,557.00, total for all adjustments credit-$1,557.00, total for all income statement debits-$3,733.00, total for all income statements credits-$3,269. total for all balance sheet debits-$9,485.00, total for all balance sheet credits-$9,949.00, net loss-income statement debit-$464.00, balance sheet debit-$464.00, total for income statement debit-$3,733.00, total for income statement credit-$3,733.00, total for balance sheet debit-9,949.00, total for balance sheet credit- $9,949.00. (1)journalize and post the adjusting entries.  (2) journalize and post the closing entries. (3) prepare a post closing trial balance.

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