ACC101 Tutorial Qs
Augintake 2021 Week 5
Exercises
Exercise 5.1
Closing entries
Craig’s Car Detailing Service had the following accounts and account balances in the
adjusted trial balance columns of its worksheet for the year ended 30 June 2020.
Required
(a) Record the required closing entries for Craig’s Car Detailing Service. (LO4)
ACC101 Tutorial Qs
Augintake 2021 Week 5
(a)
General journal
Date
Particulars
Debit
Credit
2020
June 30
Service Fees Revenue
$124 600
Interest Revenue
5 750
Profit or Loss Summary
$130 350
Close income accounts to Profit or Loss Summary
Profit or Loss Summary
120 560
Salaries Expense
68 560
Rent Expense
17 980
Advertising Expense
12 100
Depreciation Expense
15 680
Sundry Expenses
6 240
Close expense accounts to Profit or Loss Summary
Profit or Loss Summary
9 790
Craig Fraser, Capital
9 790
Close Profit or Loss Summary to Capital Account
Craig Fraser, Capital
25 000
Craig Fraser, Drawings
25 000
Close Drawings to Capital Account
ACC101 Tutorial Qs
Augintake 2021 Week 5
Exercise 5.2
Closing entries and equity
The accounts below are taken from the ledger of Bartel Music Consulting on 30 June
2019, the end of the current financial year.
Required
(a) Record the closing entries which affected the accounts.
(b) Prepare a statement of changes in equity as at 30 June.
(LO4)
(b)
BARTEL MUSIC CONSULTING
Statement of Changes in Equity
For the year ended 30 June 2019
G. Bartel, Capital – 1 July 2018
$12 070
Add: Contribution
–
Add: Profit for the year
16 380
28,450
Less: Drawings during the year
(21 910)
G. Bartel, Capital – 30 June 2019
$6 540
ACC101 Tutorial Qs
Augintake 2021 Week 5
G. Bartel, Capital
G. Bartel, Drawings
30/6
21 910
1/7
30/6
12 070
16 380
15/8
29/10
18/11
14/1
6 480
4 220
3 920
7 290
30/6
21 910
Profit or loss summary
30/6
30/6
39 470
16 380
30/6
55 850
(a)
General journal
Date
Particulars
Debit
Credit
2019
June30
Income accounts
$55 850
Profit or Loss Summary
Loss Summary
Profit or Loss Summary
Expense accounts
Loss Summary
Profit or Loss Summary
G. Bartel, Capital
Capital
G. Bartel, Capital
G. Bartel, Drawings
Close Drawings to Capital
