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    happyjeans14's Avatar
    happyjeans14 Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 27, 2011, 07:58 PM
    Adjust Trial Balance to Closing Entries
    I really need help knowing how to close out an adjusted Trial Balance. I'm new at this and don't have a lot of practice.
    Dr. Cr.
    Cash & Cash Equivalents 860,750
    Cash, restricted 47,500
    Investments 2,037,000
    Due from other funds 595,000
    Land 976,000
    Machinery and equipment 2,264,000

    Accumulated depreciation,
    Machinery and equipment 1,840,000

    Buildings 2,058,000

    Accumulated Depreciation,
    Buildings 933,000

    Accounts Payable 398,250

    Revenue bonds payable,
    Current portion 50,000

    Revenue bonds payable,
    Noncurrent portion 1,650,000
    Net Assets 4,087,000
    Revenues -charges for services 3,608,000
    Revenues - other 61,200

    Operating expenses
    -purchase of water 2,389,000

    Operating expenses
    - materials and supplies 276,000

    Operating expenses
    - personal services 827,195

    Operating expenses
    -depreciation 253,000

    Nonoperating revenues
    - investment revenues 29,680

    Nonoperating expense
    - interest 14,325
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
     
    #2

    Nov 28, 2011, 06:18 AM
    Quote Originally Posted by Tennessy View Post
    As for me you can ask for help from a good qulificated layer!
    <a href="http://buy-custom-essay.org/index.php">buy assignment</a>

    PLEASE stop advertising your business and also figure out how to post an actual link.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #3

    Nov 28, 2011, 07:41 AM
    You need to close out your Revenue and Expense Accounts to the Income Summary Account, then close out your Income Summary Account to Retained Earnings.

    To close out a revenue account you debit the revenue account for the same amount as your credit balance. To close out an expense account you will credit your expense account for the same amount as your debit balance.

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