QUESTION 12
|
Account Name
|
_Debit_
|
_Credit_
|
|
Accounts Payable
|
|
26,000
|
|
Accounts Receivable
|
28,850
|
|
|
Cash
|
10,000
|
|
|
Common Stock
|
|
12,500
|
|
Cost of Goods Sold
|
68,000
|
|
|
Equipment
|
73,000
|
|
|
Interest Expense
|
150
|
|
|
Interest Payable
|
|
500
|
|
Inventory
|
45,000
|
|
|
Note Payable
|
|
21,000
|
|
Retained Earnings
|
|
53,000
|
|
Sales Revenue
|
|
179,000
|
|
Supplies Expense
|
7,000
|
|
|
Wages Expense
|
60,000
|
|
|
Total
|
292,000
|
292,000
|
This is Green Co.'s Pre-Closing Trial Balance as of December 31, 2011. Green's accounting period is month, thus the balances in the temporary accounts are for the month of December 2011.
Note: The accounts are not listed in their normal sequence -- rather they are listed in alphabetical sequence.
Question: Prepare the Journal Entry to close the Expense accounts.