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    Problem #3: Teresita Nacion Publishers Trial Balance

    Uploaded by

    Rhea Sismo-an
    The document provides the trial balance and closing entries for Teresita Nacion Publishers for the year ended December 31, 2018. It lists the accounts and their balances from the adjusted trial balance. The required closing entries are then provided, which include: 1) closing revenue accounts to an income summary account, 2) closing expense accounts to the income summary account, 3) closing the income summary account to the capital account, and 4) closing the withdrawals account to the capital account. A post-closing trial balance is presented.

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    Problem #3: Teresita Nacion Publishers Trial Balance

    Uploaded by

    Rhea Sismo-an
    649 views4 pages
    The document provides the trial balance and closing entries for Teresita Nacion Publishers for the year ended December 31, 2018. It lists the accounts and their balances from the adjusted trial balance. The required closing entries are then provided, which include: 1) closing revenue accounts to an income summary account, 2) closing expense accounts to the income summary account, 3) closing the income summary account to the capital account, and 4) closing the withdrawals account to the capital account. A post-closing trial balance is presented.

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    Individual Activity 9

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    The document provides the trial balance and closing entries for Teresita Nacion Publishers for the year ended December 31, 2018. It lists the accounts and their balances from the adjusted trial balance. The required closing entries are then provided, which include: 1) closing revenue accounts to an income summary account, 2) closing expense accounts to the income summary account, 3) closing the income summary account to the capital account, and 4) closing the withdrawals account to the capital account. A post-closing trial balance is presented.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    649 views4 pages

    Problem #3: Teresita Nacion Publishers Trial Balance

    Uploaded by

    Rhea Sismo-an
    The document provides the trial balance and closing entries for Teresita Nacion Publishers for the year ended December 31, 2018. It lists the accounts and their balances from the adjusted trial balance. The required closing entries are then provided, which include: 1) closing revenue accounts to an income summary account, 2) closing expense accounts to the income summary account, 3) closing the income summary account to the capital account, and 4) closing the withdrawals account to the capital account. A post-closing trial balance is presented.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Problem #3

    Preparing the closing entries


    Listed below are the accounts taken from the Dec. 31, 2018 adjusted trial balance of Teresita Nacion Publishers:

    Accounts Receivable 260,000 Interest Payable 40,000

    Supplies Expense 710,000 Cash 160,000

    Salaries Expense 2,270,000 Repair Expense 10,000


    Printing Revenues 8,130,000 Accounts Payable 190,000

    Prepaid Insurance 320,000 Telephone Expense 20,000

    Depreciation Expense 250,000 Utilities Expense 80,000

    Supplies 160,000 Unearned Printing Revenues 210,000

    Salaries Payable 310,000 Interest Expense 300,000

    Printing Equipment 5,520,000 Nacion, Capital 340,000


    Prepaid Advertising 70,000 Notes Payable 2,500,000

    Nacion, Withdrawals 1,500,000 Miscellaneous Expense 90,000

    Required: Prepare the closing entries.

    Teresita Nacion Publishers


    Trial Balance
    December 31, 2018
    Accounts Receivable 260,000
    Cash 160,000
    Prepaid Insurance 320,000
    Supplies 160,000
    Prepaid Advertising 70,000
    Printing Equipment 5,520,000
    Interest Payable 40,000
    Accounts Payable 190,000
    Notes Payable 2,500,000
    Salaries Payable 310,000
    Unearned Printing Revenues 210,000
    Nacion, Capital 340,000
    Nacion, Withdrawals 1,500,000
    Printing Revenues 8,130,000
    Supplies Expense 710,000
    Salaries Expense 2,270,000
    Depreciation Expense 250,000
    Repair Expense 10,000
    Telephone Expense 20,000
    Utilities Expense 80,000
    Interest Expense 300,000
    Miscellaneous Expense 90,000
    Total 11,720,000 11,720,000

    Closing Entries:
    1. Closing the income accounts

    Printing Revenues 8,130,000


    Income summary 8,130,000

    2. Closing the expense accounts

    Income Summary 5,230,000.00


    Supplies Expense 710,000
    Salaries Expense 2,270,000.00
    Depreciation Expense 250,000
    Withdrawals 1,500,000
    Repair Expense 10,000
    Telephone Expense 20,000
    Utilities Expense 80,000
    Interest Expense 300,000
    Miscellaneous Expense 90,000

    3. Closing the income summary account

    Income summary 2,900,000


    Nacion, Capital 2,900,000

    4. Closing the withdrawals account

    Nacion, Capital 1,500,000


    Nacion, Withdrawals 1,500,000
    Post- closing entries:

    Teresita Nacion Publishers


    Post-Closing Trial Balance
    December 31, 2018

    Cash 160,000
    Accounts Receivable 260,000
    Prepaid Insurance 320,000
    Supplies 160,000
    Prepaid Advertising 70,000
    Printing Equipment 5,520,000
    Interest Payable 40,000
    Accounts Payable 190,000
    Notes Payable 2,500,000
    Salaries Payable 310,000
    Unearned Printing Revenues 210,000
    Nacion, Capital 3,240,000
    Total 6,490,000 6,490,000

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