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    mbnumba6 Posts: 3, Reputation: 1
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    #1

    Oct 7, 2013, 01:35 PM
    Closing entries.
    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.
    Attached Images
  1. File Type: pdf accounting homework.pdf (178.0 KB, 299 views)
    2. mbnumba6's Avatar
    mbnumba6 Posts: 3, Reputation: 1
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    #2

    Oct 7, 2013, 01:51 PM
    Ok I just realized I can't post this here I am trying to delete it now.
    mbnumba6's Avatar
    mbnumba6 Posts: 3, Reputation: 1
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    #3

    Oct 7, 2013, 02:09 PM
    Ok so I can't delete this post or edit it again. Sorry guys. Didn't see that top part that had a different section for homework problems.

    Unfortunately I can not delete this thread
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