Reference no: EM132861037
Problem - The December 31, 2015, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2016) follows.
Account Title Debit Credit
Cash $48,372
Accounts receivable 5,668
Computer supplies 580
Prepaid insurance 1,665
Prepaid rent 825
Office equipment 8,000
Accumulated depreciation-Office equipment $400
Computer equipment 20,000
Accumulated depreciation-Computer equipment 1,250
Accounts payable 1,100
Wages payable 500
Unearned computer services revenue 1,500
T. Mills, Capital 73,000
T. Mills, Withdrawals 7,100
Computer services revenue 31,284
Depreciation expense-Office equipment 400
Depreciation expense-Computer equipment 1,250
Wages expense 3,875
Insurance expense 555
Rent expense 2,475
Computer supplies expense 3,065
Advertising expense 2,753
Mileage expense 896
Miscellaneous expenses 1,305
Repairs expense-Computer 901
Income summary 0
Totals $109,034 $109,034
Required -
A. Record the closing entries for Business Solutions.
B. Make a post-closing trial balance as of December 31, 2016
Record the entry to close the revenue account?
Record the entry to close the expense accounts?
Record the entry to close the income summary?
Record the entry to close the withdrawals account?