ACC 290 Week 5 Apply: Connect Assignment

Complete the Week 5 Assignment in Connect.

Note: You have only 1 attempt available to complete assignments

1

On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:


101	Cash	$	30,200	Dr.
111	Accounts Receivable		16,100	Dr.
121	Supplies		2,300	Dr.
131	Prepaid Rent		38,900	Dr.
141	Equipment		47,000	Dr.
142	Accumulated Depreciation—Equip.		1,150	Cr.
202	Accounts Payable		6,800	Cr.
301	Emilio Gonzalez, Capital (12/1/2019)		48,620	Cr.
302	Emilio Gonzalez, Drawing		6,500	Dr.
401	Fees Income		120,080	Cr.
511	Advertising Expense		4,100	Dr.
514	Depreciation Expense—Equip.		830	Dr.
517	Rent Expense		2,900	Dr.
519	Salaries Expense		21,800	Dr.
523	Utilities Expense		6,020	Dr.

Required:

Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Analyze:

What is the balance of the Salaries Expense account after closing entries are posted?

A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.

Required:

Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Analyze:

What total debits were posted to the general ledger to complete all closing entries for the month of December?

A completed worksheet for The King Group is given below.

The King Group
Worksheet
Month Ended December 31, 2019
	Trial Balance				Adjustments						Adjusted Trial Balance			Income Statement		Balance Sheet
Account Name	Debit	Credit		Debit				Credit		Debit		Credit	Debit		Credit		Debit	Credit
Cash	91,900									91,900							91,900
Accounts Receivable	11,500									11,500							11,500
Supplies	5,000						(	a)	1,900	3,100							3,100
Prepaid Advertising	20,000						(	b)	2,500	17,500							17,500
Equipment	47,500									47,500							47,500
Accumulated Depreciation —Equipment							(	c)	1,900			1,900						1,900
Accounts Payable		11,500										11,500						11,500
Delva King, Capital		127,000										127,000						127,000
Delva King, Drawing	7,900									7,900							7,900
Fees Income		60,750										60,750			60,750
Supplies Expense			(	a)		1,900				1,900			1,900
Advertising Expense			(	b)		2,500				2,500			2,500
Depreciation Expense—Equipment			(	c)		1,900				1,900			1,900
Salaries Expense	13,900									13,900			13,900
Utilities Expense	1,550									1,550			1,550
Totals	199,250	199,250				6,300			6,300	201,150		201,150	21,750		60,750		179,400	140,400
Net Income													39,000					39,000
													60,750		60,750		179,400	179,400

Required:

Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.

Analyze:

How many accounts are listed in the adjusted and post-closing trial balance section?