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Record the closing entries in general journal format

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Reference no: EM133003453

Question - Joe Surfer started Joe's Surfing Supplies on 1 July 2020. The following adjusted accounts and account balances were taken from the 10-column worksheet of the business for the year ended 30 June 2021.

Accounts Receivable $15,000

J.S, Capital 1 July 2020 70,000

J.S, Drawings 300

Cash at Bank 18,000

Surfing Supplies 35,000

Sales Revenue 90,000

Wages Expense 24,000

Rent Expense 15,000

Advertising Expense 5,000

Store Furniture & Fittings 30,000

Accumulated Depreciation-Store Furniture & Fittings 16,000

Surfing Supplies Expense 3,500

Delivery Expense 2,700

Wages Payable 6,000

Loan Payable 12,000

Accounts Payable 19,000

Depreciation expense - Store Furniture & Fittings 1,000

Required -

a) Record the closing entries in general journal format for Joe's Surfing Supplies. Narrations are not required.

b) List the names of the accounts to be posted in the post-closing trial-balance.

Reference no: EM133003453

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