Name Date Class
8-R RECYCLING PROBLEM (LO1, 2) (General Journal)
Journalizing and posting closing entries with a net loss; preparing a post-closing trial balance
1. GeNeral JOUrNal PAGE
DATE ACCOUNT TITLE DOC.
NO. POST.
REF.
GENERAL
DEBIT CREDIT
6 6
7 7
8 8
14 14
15 15
16 16
17 17
18 18
28 28
29 29
30 30
31 31
32 32
33 33
34 34
7
Closing Entries
30 Sales 410 3 2 7 0 00
Income Summary 330 3 2 7 0 00
Rent Expense 550 5 0 0 00
Supplies Expense 560 1 4 0 0 00
Utilities Expense 570 1 6 4 0 00
30 Isabel Ybarra, Capital 310 9 6 2 00
20 • Recycling Problem Working Papers
8-R RECYCLING PROBLEM (continued)
GENERAL LEDGER
1.
ACCOUNT Cash ACCOUNT NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔6 9 6 0 00
ACCOUNT Accounts Receivable—Jennifer Ford ACCOUNT NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔1 9 6 00
ACCOUNT Prepaid Insurance ACCOUNT NO. 150
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔8 0 0 00
Te
Chapter 8 Recording Closing Entries and Preparing a Post-Closing Trial Balance for a Service Business • 21
Name Date Class
8-R RECYCLING PROBLEM (continued)
ACCOUNT Isabel Ybarra, Capital ACCOUNT NO. 310
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔9 3 3 6 00
ACCOUNT Income Summary ACCOUNT NO. 330
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
30 G7 9 6 2 00 8 3 7 4 00
30 G7 6 0 0 00 7 7 7 4 00
20–
Apr. 30 G7 3 2 7 0 00 3 2 7 0 00
30 G7 4 2 3 2 00 9 6 2 00
30 G7 9 6 2 00
22 • Recycling Problem Working Papers
8-R RECYCLING PROBLEM (continued)
ACCOUNT Advertising Expense ACCOUNT NO. 510
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔4 5 0 00
ACCOUNT Insurance Expense ACCOUNT NO. 530
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔1 5 6 00
ACCOUNT Rent Expense ACCOUNT NO. 550
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔5 0 0 00
ACCOUNT Utilities Expense ACCOUNT NO. 570
DATE ITEM POST.
REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
20–
Apr. 30 Balance ✔1 6 4 0 00
TE
30 G7 4 5 0 00
30 G7 1 5 6 00
30 G7 5 0 0 00
30 G7 1 6 4 0 00
Chapter 8 Recording Closing Entries and Preparing a Post-Closing Trial Balance for a Service Business • 23
Name Date Class
8-R RECYCLING PROBLEM (concluded)
2.
ACCOUNT TITLE DEBIT CREDIT
Destin Heating Repair
Post-Closing Trial Balance
April 30, 20–
Cash 6 9 6 0 00
Petty Cash 1 5 0 00
Accounts Receivable—Jennifer Ford 1 9 6 00
