the profit and loss account and the balance sheet columns of the worksheet of manoj 654843
Preparation of Closing Entries from Worksheet.
The profit and Loss Account and the Balance Sheet columns of the worksheet of Manoj Company Limited are as follows:
Manoj Company Limited
Worksheet, March 31, 20XX
|
Profit & Loss A/c |
Balance Sheet |
|||
|
Account |
Debit |
Credit |
Debit |
Credit |
|
Office Equipment |
20,000 |
|||
|
Accumulated Depreciation, Office Equipment |
8,000 |
|||
|
Office Supplies |
1,860 |
|||
|
Debtors |
4,100 |
|||
|
Cash |
2,900 |
|||
|
Prepaid Rent |
6,000 |
|||
|
Creditors |
3,700 |
|||
|
Unearned Revenue |
1,300 |
|||
|
Telephone expense payable |
870 |
|||
|
Income Tax payable |
800 |
|||
|
Share Capital |
20,000 |
|||
|
Retained Earnings |
790 |
|||
|
Dividends |
1,400 |
|||
|
Revenue from Services |
23,720 |
|||
|
Interest income |
200 |
|||
|
Salaries Expense |
7,800 |
|||
|
Office Supplies Expense |
2,470 |
|||
|
Electricity Expense |
1,210 |
|||
|
Telephone expense |
1,640 |
|||
|
Rent Expense |
6,000 |
|||
|
Insurance Expense |
1,200 |
|||
|
Depreciation Expense |
2,000 |
|||
|
Income Tax Expense |
800 |
|||
|
Total |
23,120 |
23,920 |
36,260 |
35,460 |
|
Net Profit |
800 |
800 |
||
|
Total |
23,920 |
23,920 |
36,260 |
35,460 |
Required
Prepare closing entries on December 31, 20XX.