Explore BrainMass

Explore BrainMass

    Adjusted Trial Balance of Garg Employment Agency

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I need to set up the entries on Excel or Word and show how to place the entries. Prepare closing and reversing entries. On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data.

    Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue and (2) accrue $1,500 interest expense.

    a) Prepare the closing entries for the temporary accounts at December 31.
    b) Prepare the reversing entries on January 1.
    c) Post the entries in (a) and (b). Rule and balance the accounts. (Use T accounts.)
    d) Prepare the entries to record (1) the collection of the accrued commissions on January 10 and (2) the payment of all interest due ($2,700) on January 15.
    e) Post the entries in (d) to the temporary accounts.

    © BrainMass Inc. brainmass.com October 9, 2019, 9:10 pm ad1c9bdddf


    Solution Summary

    This solution creates entries in an Excel file for interest payable, commission revenue, interest expenses, accounts receivable and the overall account titles for Garg Employment Agency.