Part Two-Journalizing and Posting Closing Entries
The following information is obtained from the partial work sheet for Sullivan and
Sons for the month ended July 31 of the current year.
Directions:
Use the journal on page 76 of this test. Journalize and post the closing entries. The
general ledger accounts are on pages 78 and 79 of this test.
2
S
Cash
Supplies
Prepaid Insurance
Accounts Payable-Sadie's Café
SP. Sullivan, Capital
P. Sullivan, Drawing
8 Sales
Income Summary
12
Insurance Expense
10 Miscellaneous Expense
Supplies Expense
13 Net Income
ACCOUNT TITLE
14
15
16
17
Sullivan and Sons
Work Sheet
For Month Ended July 31, 20--
5
INCOME STATEMENT
DEBIT
CREDIT
2900 00
1
BALANCE SHEET
DEBIT
630000
52500
40000
120000
CREDIT
Part Three-Preparing a Post-Closing Trial Balance
Directions: Use the form on page 77 of this test to prepare a post-closing trial balance
for Sullivan and Sons.
Z
3
720004
532500 5
6
7
10000
14500
27500
52000 290000 842500 604500 12
238000
238000 13
290000 290000 842500 84250014
10
:
15
16
17