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Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 71 Accounts Receivable 519 Supplies 24 Prepaid Insurance 18 Land 590 Equipment 236 Accum. Depr.-Equipment 47 Accounts Payable 212 Wages Payable 24 Brenda Schultz, Capital 1,028 Brenda Schultz, Drawing 47 Fees Earned 578 Wages Expense 142 Rent Expense 71 Insurance Expense 59 Utilities Expense 41 Supplies Expense 35 Depreciation Expense 24 Miscellaneous Expense 12 1,889 1,889 Prepare the two closing entries for Alert Security Services Co. For a compound transaction, if an amount box does not require an entry, leave it blank.

Respuesta :

anthougo

Answer:

Alert Security Services Co.

Closing Journal Entries:

October 31, 2019:

Debit Fees Earned $578

Credit Income Summary $578

To close the revenue account to the income summary.

October 31, 2019:

Debit Income Summary $384

Credit:

Wages Expense           $142

Rent Expense                   71

Insurance Expense         59

Utilities Expense              41

Supplies Expense           35

Depreciation Expense    24

Miscellaneous Expense  12

To close the expenses to the income summary.

Explanation:

a) Data and Calculations:

Alert Security Services Co.

End-of-Period Spreadsheet For the Year Ended October 31, 2019

                         Adjusted Trial Balance  Income Statement  Balance Sheet

Account Title                  Dr.               Cr.  Dr.                   Cr.    Dr.             Cr.

Cash                                    71                                                          71

Accounts Receivable       519                                                       519

Supplies                             24                                                         24

Prepaid Insurance              18                                                          18

Land                                590                                                       590

Equipment                      236                                                       236

Accum. Depr.-Equipment                 47                                                      47

Accounts Payable                           212                                                    212

Wages Payable                                24                                                      24

Brenda Schultz, Capital              1,028                                                 1,028

Brenda Schultz, Drawing 47                                                         47    

Fees Earned                                 578                             578

Wages Expense             142                          142

Rent Expense                   71                            71

Insurance Expense         59                           59

Utilities Expense              41                            41

Supplies Expense           35                           35

Depreciation Expense    24                           24

Miscellaneous Expense  12                            12

Total                            1,889       1,889         384               578   1,505     1,311

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