mbnumba6
Oct 7, 2013, 01:35 PM
This may be long, but that is due to my work on the problem already.
I am doing this homework exercise and am stuck. Need help.
Refer to the trial balance below to respond to the following items:
a) Prepare all necessary closing entries at Dec 31, 2011
b) Prepare all after closing trial balance dated Dec 31, 2011
Wilderness Guide Services
Adjusted Trial Balance
December 31, 2011
Cash.. . 2,200
Accounts Receivable... 31,000
Camping Supplies... 7,900
UnExpired insurance policies... 2,400
Equipment... 70,000
Accumulated depreciation: equp... $60,000
Notes Payable (due 4/1/12)... 18,000
Accounts Payable... 9,500
Capital Stock... 25,000
Retained Earnings... 15,000
Dividends... 1,000
Guide Revenue earned... 102,000
Salary Expense... 87,500
Camping Supply Expense... 1,200
Insurance expense... 9,600
Depreciation expense: equip... 5,000
Interest expense... 1,700
Total... $229,500... $229,500
My work is attached...
The problem I am getting is that I am getting a debit balance (net loss) when I close the retained earnings.
I am doing this homework exercise and am stuck. Need help.
Refer to the trial balance below to respond to the following items:
a) Prepare all necessary closing entries at Dec 31, 2011
b) Prepare all after closing trial balance dated Dec 31, 2011
Wilderness Guide Services
Adjusted Trial Balance
December 31, 2011
Cash.. . 2,200
Accounts Receivable... 31,000
Camping Supplies... 7,900
UnExpired insurance policies... 2,400
Equipment... 70,000
Accumulated depreciation: equp... $60,000
Notes Payable (due 4/1/12)... 18,000
Accounts Payable... 9,500
Capital Stock... 25,000
Retained Earnings... 15,000
Dividends... 1,000
Guide Revenue earned... 102,000
Salary Expense... 87,500
Camping Supply Expense... 1,200
Insurance expense... 9,600
Depreciation expense: equip... 5,000
Interest expense... 1,700
Total... $229,500... $229,500
My work is attached...
The problem I am getting is that I am getting a debit balance (net loss) when I close the retained earnings.