Home / Business /Problem 4-10A On November 30, 2018, the Alou Equipment Repair Corp.'s adjusted trial balance was as follows. The company closes its books monthly. ALOU EQUIPMENT REPAIR CORP. Trial Balance November 30, 2018 After Adjustment Debit Credit Cash $ 34,780 Accounts Receivable 7,220 Supplies 1,000 Equipment 18,000 Accumulated Depreciation - Equipment 3,900 Accounts Payable 600 Salaries Payable 1,000 Income Tax Payable 1,100 Unearned Revenue 1,300 Common Shares 15,000 Retained Earnings 33,200 Dividends Declared 500 Service Revenue 15,600 Salaries Expense 4,600 600 Rent Expense Supplies Expense Income Tax Expense Depreciation Expense 3,600 1,100 300 Totals $ 71,700 $ 71,700 Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue account.) 30 (To close expense accounts.) 30 (To close net income/(loss).) 30 (To close dividends declared.) Post the closing entries to the T accounts. (CE means closing entry.) (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. 2,200 4,600 Nov. 13 Nov. 13 600 22,180 Nov. 9 5,300 Nov. 21 5,200 Nov. 23 11,300 Nov. 23 1,100 Nov. 28 34,780 Nov. 19 2,400 Nov. 30 500 Nov. 30 Bal. Accounts Receivable Nov. 1 Bal. Nov. 27 5,200 Nov. 30 Bal. 8,920 3,500 Nov. 13 7,220 Supplies 4,000 Nov. 1 Bal. Nov. 20 600 Nov. 30 Bal. 3,600 Nov. 30 Bal. 4,600 Nov. 30 Adj. 1,000 Equipment 18,000 18,000 Nov. 1 Bal. Nov. 30 Bal. Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 300 3,900 4,600 600 Nov. 21 600 1,000 Nov. 30 Adj. Nov. 30 Bal. Accounts Payable Nov. 1 Bal. 4,600 Nov. 20 Nov. 30 Bal. Salaries Payable Nov. 1 Bal. 1,000 Nov. 30 Bal. Nov. 30 Adj. Nov. 30 Bal. Income Tax Payable Nov. 30 Adj. Nov. 30 Bal. Unearned Revenue Nov. 9 0 1,000 1,000 1,100 1,100 Nov. 1 Bal. 1,000 1,100 Nov. 30 Nov. 30 Bal. 2,100 Nov. 30 Adj. 800 Nov. 30 Bal. 1,300 Common Shares Nov. 1 Bal. Nov. 13 9,700 5,300 15,000 Nov. 30 Bal. Retained Earnings Nov. 1 Bal. 33,200 Dividends Declared Nov. 28 500 Nov. 30 Bal. 500 Service Revenue Nov. 19 Nov. 27 11,300 3,500 14,800 Nov. 30 Bal. Nov. 30 Adj. 800 Rent Expense Nov. 23 600 Nov. 30 Bal. 600 Income Tax Expense 1,100 Nov. 30 Adj. Nov. 30 Bal. 1,100 Supplies Expense 3,600 Nov. 30 Adj. Nov. 30 Bal. 3,600 Depreciation Expense Nov. 30 Adj. 300 Nov. 30 Bal. 300 Salaries Expense Nov. 9 1,200 2,400 Nov. 23 Nov. 30 Bal. 3,600 1,000 Nov. 30 Adj. Nov. 30 Bal. 4,600 Income Summary Prepare a post-closing trial balance at November 30. ALOU EQUIPMENT REPAIR CORP. Post-Closing Trial Balance November 30, 2018 Debit Credit $ $ Totals $

Question Problem 4-10A On November 30, 2018, the Alou Equipment Repair Corp.'s adjusted trial balance was as follows. The company closes its books monthly. ALOU EQUIPMENT REPAIR CORP. Trial Balance November 30, 2018 After Adjustment Debit Credit Cash $ 34,780 Accounts Receivable 7,220 Supplies 1,000 Equipment 18,000 Accumulated Depreciation - Equipment 3,900 Accounts Payable 600 Salaries Payable 1,000 Income Tax Payable 1,100 Unearned Revenue 1,300 Common Shares 15,000 Retained Earnings 33,200 Dividends Declared 500 Service Revenue 15,600 Salaries Expense 4,600 600 Rent Expense Supplies Expense Income Tax Expense Depreciation Expense 3,600 1,100 300 Totals $ 71,700 $ 71,700 Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue account.) 30 (To close expense accounts.) 30 (To close net income/(loss).) 30 (To close dividends declared.) Post the closing entries to the T accounts. (CE means closing entry.) (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. 2,200 4,600 Nov. 13 Nov. 13 600 22,180 Nov. 9 5,300 Nov. 21 5,200 Nov. 23 11,300 Nov. 23 1,100 Nov. 28 34,780 Nov. 19 2,400 Nov. 30 500 Nov. 30 Bal. Accounts Receivable Nov. 1 Bal. Nov. 27 5,200 Nov. 30 Bal. 8,920 3,500 Nov. 13 7,220 Supplies 4,000 Nov. 1 Bal. Nov. 20 600 Nov. 30 Bal. 3,600 Nov. 30 Bal. 4,600 Nov. 30 Adj. 1,000 Equipment 18,000 18,000 Nov. 1 Bal. Nov. 30 Bal. Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 300 3,900 4,600 600 Nov. 21 600 1,000 Nov. 30 Adj. Nov. 30 Bal. Accounts Payable Nov. 1 Bal. 4,600 Nov. 20 Nov. 30 Bal. Salaries Payable Nov. 1 Bal. 1,000 Nov. 30 Bal. Nov. 30 Adj. Nov. 30 Bal. Income Tax Payable Nov. 30 Adj. Nov. 30 Bal. Unearned Revenue Nov. 9 0 1,000 1,000 1,100 1,100 Nov. 1 Bal. 1,000 1,100 Nov. 30 Nov. 30 Bal. 2,100 Nov. 30 Adj. 800 Nov. 30 Bal. 1,300 Common Shares Nov. 1 Bal. Nov. 13 9,700 5,300 15,000 Nov. 30 Bal. Retained Earnings Nov. 1 Bal. 33,200 Dividends Declared Nov. 28 500 Nov. 30 Bal. 500 Service Revenue Nov. 19 Nov. 27 11,300 3,500 14,800 Nov. 30 Bal. Nov. 30 Adj. 800 Rent Expense Nov. 23 600 Nov. 30 Bal. 600 Income Tax Expense 1,100 Nov. 30 Adj. Nov. 30 Bal. 1,100 Supplies Expense 3,600 Nov. 30 Adj. Nov. 30 Bal. 3,600 Depreciation Expense Nov. 30 Adj. 300 Nov. 30 Bal. 300 Salaries Expense Nov. 9 1,200 2,400 Nov. 23 Nov. 30 Bal. 3,600 1,000 Nov. 30 Adj. Nov. 30 Bal. 4,600 Income Summary Prepare a post-closing trial balance at November 30. ALOU EQUIPMENT REPAIR CORP. Post-Closing Trial Balance November 30, 2018 Debit Credit $ $ Totals $

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Transcribed Image Text: Problem 4-10A On November 30, 2018, the Alou Equipment Repair Corp.'s adjusted trial balance was as follows. The company closes its books monthly. ALOU EQUIPMENT REPAIR CORP. Trial Balance November 30, 2018 After Adjustment Debit Credit Cash $ 34,780 Accounts Receivable 7,220 Supplies 1,000 Equipment 18,000 Accumulated Depreciation - Equipment 3,900 Accounts Payable 600 Salaries Payable 1,000 Income Tax Payable 1,100 Unearned Revenue 1,300 Common Shares 15,000 Retained Earnings 33,200 Dividends Declared 500 Service Revenue 15,600 Salaries Expense 4,600 600 Rent Expense Supplies Expense Income Tax Expense Depreciation Expense 3,600 1,100 300 Totals $ 71,700 $ 71,700 Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue account.) 30 (To close expense accounts.) 30 (To close net income/(loss).) 30 (To close dividends declared.) Post the closing entries to the T accounts. (CE means closing entry.) (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. 2,200 4,600 Nov. 13 Nov. 13 600 22,180 Nov. 9 5,300 Nov. 21 5,200 Nov. 23 11,300 Nov. 23 1,100 Nov. 28 34,780 Nov. 19 2,400 Nov. 30 500 Nov. 30 Bal. Accounts Receivable Nov. 1 Bal. Nov. 27 5,200 Nov. 30 Bal. 8,920 3,500 Nov. 13 7,220 Supplies 4,000 Nov. 1 Bal. Nov. 20 600 Nov. 30 Bal. 3,600 Nov. 30 Bal. 4,600 Nov. 30 Adj. 1,000 Equipment 18,000 18,000 Nov. 1 Bal. Nov. 30 Bal. Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 300 3,900 4,600 600 Nov. 21 600 1,000 Nov. 30 Adj. Nov. 30 Bal. Accounts Payable Nov. 1 Bal. 4,600 Nov. 20 Nov. 30 Bal. Salaries Payable Nov. 1 Bal. 1,000 Nov. 30 Bal. Nov. 30 Adj. Nov. 30 Bal. Income Tax Payable Nov. 30 Adj. Nov. 30 Bal. Unearned Revenue Nov. 9 0 1,000 1,000 1,100 1,100 Nov. 1 Bal. 1,000 1,100 Nov. 30 Nov. 30 Bal. 2,100 Nov. 30 Adj. 800 Nov. 30 Bal. 1,300 Common Shares Nov. 1 Bal. Nov. 13 9,700 5,300 15,000 Nov. 30 Bal. Retained Earnings Nov. 1 Bal. 33,200 Dividends Declared Nov. 28 500 Nov. 30 Bal. 500 Service Revenue Nov. 19 Nov. 27 11,300 3,500 14,800 Nov. 30 Bal. Nov. 30 Adj. 800 Rent Expense Nov. 23 600 Nov. 30 Bal. 600 Income Tax Expense 1,100 Nov. 30 Adj. Nov. 30 Bal. 1,100 Supplies Expense 3,600 Nov. 30 Adj. Nov. 30 Bal. 3,600 Depreciation Expense Nov. 30 Adj. 300 Nov. 30 Bal. 300 Salaries Expense Nov. 9 1,200 2,400 Nov. 23 Nov. 30 Bal. 3,600 1,000 Nov. 30 Adj. Nov. 30 Bal. 4,600 Income Summary Prepare a post-closing trial balance at November 30. ALOU EQUIPMENT REPAIR CORP. Post-Closing Trial Balance November 30, 2018 Debit Credit $ $ Totals $
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Transcribed Image Text: Problem 4-10A On November 30, 2018, the Alou Equipment Repair Corp.'s adjusted trial balance was as follows. The company closes its books monthly. ALOU EQUIPMENT REPAIR CORP. Trial Balance November 30, 2018 After Adjustment Debit Credit Cash $ 34,780 Accounts Receivable 7,220 Supplies 1,000 Equipment 18,000 Accumulated Depreciation - Equipment 3,900 Accounts Payable 600 Salaries Payable 1,000 Income Tax Payable 1,100 Unearned Revenue 1,300 Common Shares 15,000 Retained Earnings 33,200 Dividends Declared 500 Service Revenue 15,600 Salaries Expense 4,600 600 Rent Expense Supplies Expense Income Tax Expense Depreciation Expense 3,600 1,100 300 Totals $ 71,700 $ 71,700 Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue account.) 30 (To close expense accounts.) 30 (To close net income/(loss).) 30 (To close dividends declared.) Post the closing entries to the T accounts. (CE means closing entry.) (Post entries in the order of journal entries presented in the previous part.) Cash Nov. 1 Bal. 2,200 4,600 Nov. 13 Nov. 13 600 22,180 Nov. 9 5,300 Nov. 21 5,200 Nov. 23 11,300 Nov. 23 1,100 Nov. 28 34,780 Nov. 19 2,400 Nov. 30 500 Nov. 30 Bal. Accounts Receivable Nov. 1 Bal. Nov. 27 5,200 Nov. 30 Bal. 8,920 3,500 Nov. 13 7,220 Supplies 4,000 Nov. 1 Bal. Nov. 20 600 Nov. 30 Bal. 3,600 Nov. 30 Bal. 4,600 Nov. 30 Adj. 1,000 Equipment 18,000 18,000 Nov. 1 Bal. Nov. 30 Bal. Accumulated Depreciation-Equipment Nov. 1 Bal. 3,600 300 3,900 4,600 600 Nov. 21 600 1,000 Nov. 30 Adj. Nov. 30 Bal. Accounts Payable Nov. 1 Bal. 4,600 Nov. 20 Nov. 30 Bal. Salaries Payable Nov. 1 Bal. 1,000 Nov. 30 Bal. Nov. 30 Adj. Nov. 30 Bal. Income Tax Payable Nov. 30 Adj. Nov. 30 Bal. Unearned Revenue Nov. 9 0 1,000 1,000 1,100 1,100 Nov. 1 Bal. 1,000 1,100 Nov. 30 Nov. 30 Bal. 2,100 Nov. 30 Adj. 800 Nov. 30 Bal. 1,300 Common Shares Nov. 1 Bal. Nov. 13 9,700 5,300 15,000 Nov. 30 Bal. Retained Earnings Nov. 1 Bal. 33,200 Dividends Declared Nov. 28 500 Nov. 30 Bal. 500 Service Revenue Nov. 19 Nov. 27 11,300 3,500 14,800 Nov. 30 Bal. Nov. 30 Adj. 800 Rent Expense Nov. 23 600 Nov. 30 Bal. 600 Income Tax Expense 1,100 Nov. 30 Adj. Nov. 30 Bal. 1,100 Supplies Expense 3,600 Nov. 30 Adj. Nov. 30 Bal. 3,600 Depreciation Expense Nov. 30 Adj. 300 Nov. 30 Bal. 300 Salaries Expense Nov. 9 1,200 2,400 Nov. 23 Nov. 30 Bal. 3,600 1,000 Nov. 30 Adj. Nov. 30 Bal. 4,600 Income Summary Prepare a post-closing trial balance at November 30. ALOU EQUIPMENT REPAIR CORP. Post-Closing Trial Balance November 30, 2018 Debit Credit $ $ Totals $
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Solution:   Closing Entries Service Revenue 15600       Income Summary   15600 (To close all income accounts to Income Summary)                 Income Summary 10200      Salaries Expense    4600    Supplies Expense   3600   Rent Expense   600   Depreciation Expense   300   Income Tax Expense   1100 (To close all expense account to Income Summary)       Income Summary 5400      Retained Earnings   5400 To close the balance in Income Summary to Retained Earnings)       Retained Earnings 500      Dividend   500 ( To close dividend account to retained earnings)             Retained Earnings     Nov 30, Dividend 500 Nov 01, Balance 33200     Nov 30 Income Summary 5400             Nov 30, Balance 38100         Service Revenue         Nov 30, Balance 14800     Adj 800 Nov 30 Income Summary 15600         Nov 30, Balance 0         Rent Expense     Nov-23 600     Nov 30, Balance 600 Nov 30 Income Summary 600 Nov 30, Balance 0             Salaraies Expense   &#1 ... See the full answer

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