Ex. 217
Vanguard Company had the following adjusted trial balance at December 31, 2014.
VANGUARD COMPANY
Adjusted Trial Balance
For the Year Ended December 31, 2014
Account Titles
|
Debits
|
Credits
|
Cash
|
? 12,800
|
|
Accounts Receivable
|
8,800
|
|
Equipment
|
15,900
|
|
Accounts Payable
|
|
? 4,400
|
Accumulated Depreciation?Equip.
|
|
7,400
|
Share Capital - Ordinary
|
|
17,000
|
Retained Earnings
|
|
25,500
|
Dividends
|
16,000
|
|
Service Revenue
|
|
68,000
|
Unearned Rent Revenue
|
|
1,800
|
Rent Revenue
|
|
6,500
|
Salaries and Wages Expense
|
55,700
|
|
Depreciation Expense
|
6,000
|
|
Supplies Expense
|
200
|
|
Utilities Expense
|
14,900
|
|
|
?130,300
|
?130,300
|
Ex. 217 (Cont.)
Instructions
(a)Journalize the entries required to close the accounts.
(b)Prepare a retained earnings statement for the year ended December 31, 2014.
Ex. 218
At March 31, account balances after adjustments for Blowing Rock Stage Theatre are as follows:
Account Balances
Accounts(After Adjustment)
Cash$ 6,000
Supplies4,000
Equipment50,000
Accumulated Depreciation—Equipment12,000
Accounts Payable5,000
Share Capital-Ordinary4,000
Retained Earnings16,000
Dividends12,000
Ticket Revenue65,000
Service Revenue51,000
Advertising Expense12,000
Supplies Expense19,000
Depreciation Expense4,000
Miscellaneous Expense16,000
Rent Expense12,000
Salaries and Wages Expense20,000
Utilities Expense5,000
Instructions
Prepare the closing journal entries for Blowing Rock Stage Theatre.