Page 6 V. Closing Journal Entries Below is a partial list of accounts of Mountain Top Services, Inc. for the year ended December 31. Required Journalize the year end adjusting entries required on December 31 from ACC 255 at Institute of Space Technology, Islamabad. Prepare a post-closing trial balance. Date Accounts and Explanation Debit Credit Mar. Study Resources. Start by closing revenues. The unadjusted trial balance of Lakota Freight Co. at March 31, 2019, the end of the year, follows: ... Journalize and post the closing entries. The books are closed by reseting the temporary accounts for the year. Select the explanation on the last line of the journal entry table.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 3 12,300 47,000 Bal. Start by closing revenues. Journalize the required closing entries at March 31, 2018. (Record debits first, then credits. Closing entries, also called closing journal entries, are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. Journalize any necessary reversing entries for Doone Architects. Do not close expenses or contra-revenue accounts; we will do this in the next step. Closing entries are based on the account balances in an adjusted trial balance.. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. March 31, 2016 Start by closing revenues. At the end of a fiscal year, a company performs an accounting procedure known as year-end close, or a closing of the books. Journalize the required closing entries at March 31, 2018. (1) Income Summary 238,000 To close revenues. Journalize the required closing entries at (Record debits first, then credits. Clos. Requirement #8: Prepare the closing entries at March 31 in the General Journal below.Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. The company’s ending Retained Earnings balance at December 31, 2018 is $14,700 Calculate this by the following: Retained Earnings Clos. Temporary accounts include: Revenue, Income and Gain Accounts; Expense and Loss Accounts As part of the procedure, a company will record journal entries that transfer all account balances from … Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty Services Co.: Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $491,040 28,000 528,640 341,000 81,800 30,690 10,230 Journalize the four entries required to close the accounts. Select the explanation on the last line of the journal entry table.) How to Journalize the Closing Entries for a Company. 31 Sales Revenue 238,000 Clos. Do not close expenses or contra-revenue accounts, we will do this in the next step. Journalize the required closing entries at March 31, 2018. Solution * 82,500 – 64,500: In our example, income summary account has a credit balance because the balance of service revenue earned account ($82,500) is greater than the total of the balances of eight expense accounts ($64,500). Closing entries are journal entries made at the end of an accounting period which transfer the balances of temporary accounts to permanent accounts. Required: Using above trial balance, prepare closing entries required at December 31, 2015. Date Accounts and Explanation Debit Credit Mar. Date Accounts and Explanation Debit Credit Mar. 4 0000 20,000 14,700 Bal.` Journalize Reversing Entries Doone Architects recorded the following adjusting entries as of December 31. 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