Ex. 185
Vanguard Company had the following adjusted trial balance at December 31, 2011.
VARGUARD COMPANY
Adjusted Trial Balance
For the year ended December 31, 2011
Account titles
|
Debits
|
Credits
|
Cash
|
$ 14,800
|
|
Accounts Receivable
|
8,800
|
|
Equipment
|
15,900
|
|
Accounts Payable
|
|
$ 4,400
|
Accumulated Depreciation
|
|
7,400
|
Common Stock
|
|
20,000
|
Retained Earnings
|
|
25,200
|
Dividends
|
16,000
|
|
Service Revenue
|
|
65,000
|
Unearned Rent Revenue
|
|
1,800
|
Rent Revenue
|
|
6,500
|
Salaries Expense
|
55,700
|
|
Depreciation Expense
|
4,000
|
|
Supplies Expense
|
200
|
|
Utilities Expense
|
14,900
|
|
|
$130,300
|
$130,300
|
Ex. 185 (Cont.)
Instructions
(a)Journalize the entries required to close the accounts.
(b)Prepare a retained earnings statement for the year ended December 31, 2011.
Ex. 186
At March 31, account balances after adjustments for Blowing Rock Stage Theatre are as follows:
Account Balances
Accounts(After Adjustment)
Cash$ 6,000
Concession Supplies4,000
Theatre Equipment50,000
Accumulated Depreciation—Theatre Equipment12,000
Accounts Payable5,000
Common Stock4,000
Retained Earnings16,000
Dividends12,000
Ticket Revenues60,000
ConcessionRevenues51,000
Advertising Expense12,000
Concession Supplies Expense19,000
Depreciation Expense4,000
Miscellaneous Expense16,000
Rent Expense12,000
Salaries Expense18,000
Utilities Expense5,000
Instructions
Prepare the closing journal entries for Blowing Rock Stage Theatre.