Scribd Logo
Upload

Welcome to Scribd!

  • 397 views

    Problem 3 ACCA101

    Uploaded by

    Nicole Fidelson
    This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Problem 3 ACCA101

    Uploaded by

    Nicole Fidelson
    397 views3 pages
    This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    397 views3 pages

    Problem 3 ACCA101

    Uploaded by

    Nicole Fidelson
    This document contains the closing entries for Labalan Printing for the fiscal year. It closes various income and expense accounts to the Income Summary account, and then closes that account to the Capital account, resulting in a Profit of $4,400,000 that increases the owner's Capital. It also closes the Labalan, Withdrawals account to the Labalan, Capital account.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Accounts Receivable 260,000.

    00 closing entries
    Supplies Expense 710,000.00
    Salaries Expense 2,270,000.00 Printing Revenues
    Printing Revenues 8,130,000.00 Income Summary
    Prepaid Insurance 320,000.00
    Depreciation Expense 250,000.00
    Supplies 160,000.00
    Salaries Payable 310,000.00 Income Summary
    Printing Equipment 5,520,000.00 Supplies Expense
    Prepaid Advertising 70,000.00 Salaries Expense
    Labalan, Withdrawals 1,500,000.00 Depreciation Expense
    Interest Payable 40,000.00 Repairs Expense
    Cash 160,000.00 Telephone Expense
    Repairs Expense 10,000.00 Utilities Expense
    Accounts Payable 190,000.00 Interest Expense
    Telephone Expense 20,000.00 Miscellaneous Expense
    Utilities Expense 80,000.00
    Unearned Printing Revenues 210,000.00
    Interest Expense 300,000.00
    Labalan, Capital 340,000.00 Income summary
    Notes Payable 2,500,000.00 Capital
    Miscellaneous Expense 90,000.00

    Labalan, Capital
    Labalan, Withdrawals
    closing entries

    Printing Revenues 8,130,000.00 8,130,000.00


    Income Summary 8,130,000.00 - 3,730,000.00
    to close credit accounts 4,400,000.00
    to income summary

    ncome Summary 3,730,000.00


    Supplies Expense 710,000.00 3,730,000.00
    Salaries Expense 2,270,000.00
    Depreciation Expense 250,000.00
    Repairs Expense 10,000.00
    Telephone Expense 20,000.00
    Utilities Expense 80,000.00
    Interest Expense 300,000.00
    Miscellaneous Expense 90,000.00
    to close debit accounts to
    income summary

    ncome summary 4,400,000.00


    Capital 4,400,000.00
    to close income summary
    to capital account

    Labalan, Capital 1,500,000.00


    Labalan, Withdrawals 1,500,000.00
    to close drawing accounts
    to capital account
    Closing Entries
    ACCOUNT TITLES
    Dr. Cr.
    Cash
    Accounts Receivable
    Prepaid Insurance
    Prepaid Advertising
    Supplies
    Printing Equipment
    Accounts Payable
    Notes Payable
    Salaries Payable
    Interest Payable
    Unearned Printing Revenues
    Labalan, Capital 1,500,000.00 4,400,000.00
    Labalan, Withdrawals 1,500,000.00
    Income Summary 3,730,000.00 8,130,000.00
    Printing Revenues 8,130,000.00
    Salaries Expense 2,270,000.00
    Supplies Expense 710,000.00
    Depreciation Expense 250,000.00
    Repairs Expense 10,000.00
    Telephone Expense 20,000.00
    Utilities Expense 80,000.00
    Interest Expense 300,000.00
    Miscellaneous Expense 90,000.00

    Profit 4,400,000.00
    17,760,000.00 17,760,000.00

    You might also like