Account Balances in 2003
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Here are account balances as of December 31, 2003:
Cash - $12,000
Accounts Payable - $24,000
Accounts Receivable - $50,000
Salary Payable - $5,000
Trust Account - $40,000
Insurance - $1,000.00
Inventory - $10,000
Accumulated Depreciation - $4,200
Depreciation Exp - $4,800
Notes Payable - $5,000
Retained Earnings - $60,000
Supplies - $2,000
Prepaid Expense - $1,900
Supplies Expense - $1,000
Service Revenue - $8,000
Salary Expense - $26,000
Common Stock - $13,000
Questions:
1. For each of the balances above would the account normally be a credit or debit balance?
2. Enter the closing journal entries as of December 31st.
3. What would the new balances of each account be?
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Solution Summary
Examination is made of account balances.
Solution Preview
1. For each of the balances above would the account normally be a credit or debit balance?
Cash - $12,000 - Debit
Accounts Payable - $24,000 Credit
Accounts Receivable - $50,000 Debit
Salary Payable - $5,000 Credit
Trust Account - $40,000 Credit
Insurance - $1,000.00 Debit
Inventory - $10,000 Debit
Accumulated Depreciation - $4,200 Credit
Depreciation Exp - ...
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