Preparing T Accounts and a Trial Balance by kle20980

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									Axia College Material
                                                 Appendix F
Closing Entries and a Post-closing Trial Balance
Journalize Closing Entries
Use this template to journalize the closing entries for Goode Company at April 30, 2008.

                     GOODE COMPANY
               Closing Entries at April 30, 2008

DATE       ACCOUNT TITLE AND EXPLANATION                                        DEBIT                CREDIT
Apr 30     Service Revenue                                                                 15,590
            Income Summary                                                                                   15,590

       30 Income Summary                                                                   12,328
            Salaries expense                                                                                 10,840
            Rent expense                                                                                        760
            Depreciation expense                                                                                671
            Interest expense                                                                                     57

       30 Income Summary                                                                    3,262
            Retained earnings                                                                                  3,262

       30 Retained Earnings                                                                 3,650
           Dividends                                                                                           3,650

                                                                                                    a) Closing Entries
Axia College Material
                                  Appendix F
Adjusting Entries, Posting, and Preparing an Adjusted
Trial Balance
Post Closing Entries
For Goode Company, use these T account templates to post the closing entries to
Income Summary and Retained Earnings.

                                 T ACCOUNTS

     Income Summary                                   Retained Earnings

       12,328             15,590                         3,650               5,960
        3,262                                                               3,262
       15,590              15,590                                            5,572

                                                                                  b) T Accounts
Axia College Material
                                                  Appendix F
Closing Entries and a Post-closing Trial Balance
Prepare a Post-Closing Trial Balance
Prepare a post-closing trial balance at April 30, 2008 for Goode Company.You can place summation formulas to
compute totals at the end of debit and credit columns. Otherwise, you can compute totals using a calculator, then
enter totals directly.

                      Goode Company
                 Post-Closing Trial Balance
                                                                            DEBIT                CREDIT
Cash                                                                                   13,752
Accounts Receivable                                                                     7,840
Prepaid Rent                                                                            2,280
Equipment                                                                              23,050
Accumulated Depreciation                                                                                     4,921
Notes Payable                                                                                                5,700
Accounts Payable                                                                                             5,672
Interest Payable                                                                                                57
Common Stock                                                                                                25,000
Retained Earnings                                                                                            5,572
           Totals                                                                      46,922               46,922

                                                                                       c) Post Closing Trial Balance

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