Closing Entries Feedback for Manual Accounting Practice Set - Technology Boutique Australasian Edition 3

This page provides feedback on how to record closing entries in the general journal and post them to the relevant general ledger accounts. It is a part of Desklib's Manual Accounting Practice Set - Technology Boutique Australasian Edition 3. The page also includes instructions on how to fill out the Post-Closing Balance row of each ledger. The subject is accounting, and the course code and name are not mentioned. The college or university is not mentioned either.

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Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3
Feedback: Closing entries
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback
provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the
next page of your practice set.
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the
general ledger accounts. This step must be completed to prepare the accounts for the next accounting period.
Instructions for closing entries
Record closing entries in the general journal.
Post the closing entries from the general journal to the relevant general ledger accounts
Record the final closing balance of each ledger account in the Post-Closing Balance row of each ledger, even for ledgers
with a balance of zero. Although each ledger already has a running balance, the Post-Closing Balance row must still be
filled out in order receive full points.
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Remember:
Enter all answers to the nearest whole dollar.
You are also required to apply the journals and ledgers instructions provided in previous weeks.
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Sales Returns and Allowances
Cost of Sales
Advertising Expense
Wages Expense
Rent Expense
Electricity Expense
Water Expense
Insurance Expense
Office Supplies Expense
Salary Expense
Depn Expense: Cash Registers
Depn Expense: Store Fixtures
Interest Expense
Bank Charges
Discount Allowed
Sales Revenue
Discount Received
Interest Revenue
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.
Special Journals General Journal Subsidiary Ledgers General Ledger
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 30 Profit and Loss Summary 310 273307
401 0 3600
500 0 199850
511 0 2000
516 0 56354
540 0 2400
541 0 353
542 0 115
543 0 650
544 0 364
545 0 6600
560 0 76
561 0 254
571 0 220
572 0 11
573 0 460
(Closing entry to debit the Profit and Loss
Summary account)
Jun 30 400 346570 0
402 300 0
403 951 0
Profit and Loss Summary 310 347821
(Closing entry to credit the Profit and Loss
Show All

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Summary account)
Jun 30 Profit and Loss Summary 310 74514
Retained Earnings 301 74514
(To close the balance of the Profit and Loss
Summary account)
Feedback
GENERAL JOURNAL
Date Account and Explanation Post
Ref. Debit Credit
Jun 13 Sales Returns and Allowances 401 3,600
Jun 13 GST Collections 240 360
Jun 13 ARC - Hypertronics 110/110-3 3,960
(sales return)
Jun 13 Inventory 120 2,000
Jun 13 Cost of Sales 500 2,000
(sales return)
Jun 21 APC - Moon Megasystems 210/210-3 4,290
Jun 21 Inventory 120 3,900
Jun 21 GST Outlays 135 390
(purchase return)
Jun 30 Depn Expense: Cash Registers 560 76
Jun 30 Accum Depn: Cash Registers 151 76
(adjusting entry)
Jun 30 Depn Expense: Store Fixtures 561 254
Jun 30 Accum Depn: Store Fixtures 161 254
(adjusting entry)
Jun 30 Water Expense 542 115
Jun 30 Water Payable 222 115
(adjusting entry)
Jun 30 Electricity Expense 541 353
Jun 30 Electricity Payable 221 353

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(adjusting entry)
Jun 30 Wages Expense 516 11,220
Jun 30 Wages Payable 220 11,220
(adjusting entry)
Jun 30 Interest Expense 571 220
Jun 30 Interest Payable 225 220
(adjusting entry)
Jun 30 Interest Receivable 112 125
Jun 30 Interest Revenue 403 125
(adjusting entry)
Jun 30 Office Supplies Expense 544 364
Jun 30 Office Supplies 130 364
(adjusting entry)
Jun 30 Rent Expense 540 2,400
Jun 30 Prepaid Rent 140 2,400
(adjusting entry)
Jun 30 Advertising Expense 511 2,000
Jun 30 Prepaid Advertising 141 2,000
(adjusting entry)
Jun 30 Insurance Expense 543 650
Jun 30 Prepaid Insurance 142 650
(adjusting entry)
Jun 30 Profit and Loss Summary 310 273,307
Jun 30 Sales Returns and Allowances 401 3,600
Jun 30 Cost of Sales 500 199,850
Jun 30 Advertising Expense 511 2,000
Jun 30 Wages Expense 516 56,354
Jun 30 Rent Expense 540 2,400
Jun 30 Electricity Expense 541 353
Jun 30 Water Expense 542 115
Jun 30 Insurance Expense 543 650
Jun 30 Office Supplies Expense 544 364
Jun 30 Salary Expense 545 6,600

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Jun 30 Depn Expense: Cash Registers 560 76
Jun 30 Depn Expense: Store Fixtures 561 254
Jun 30 Interest Expense 571 220
Jun 30 Bank Charges 572 11
Jun 30 Discount Allowed 573 460
(Closing entry to debit the Profit and Loss Summary account)
Jun 30 Sales Revenue 400 346,570
Jun 30 Discount Received 402 300
Jun 30 Interest Revenue 403 951
Jun 30 Profit and Loss Summary 310 347,821
(Closing entry to credit the Profit and Loss Summary account)
Jun 30 Profit and Loss Summary 310 74,514
Jun 30 Retained Earnings 301 74,514
(To close the balance of the Profit and Loss Summary
account)
(Q=960-301.RetainedProfits_ClosingEntries)
GENERAL LEDGER
Account: Retained Earnings
Account No. 301
Date Description Ref. Debit Credit Balance
May 31 Balance 223,302 CR
Jun 30 GJ 0 74514 297816 CR
Jun 30
Jun 30
Jun 30 Post-Closing Balance 297816 CR
Feedback
Account: Retained Earnings
Account No. 301
Date Description Ref. Debit Credit Balance
May 31 Balance 223,302 CR
Jun 30 Transfer from Profit and Loss Summary GJ 74,514 297,816 CR
Jun 30 Post-Closing Balance 297,816 CR
Transfer from Profit o

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(Q=960-310.ProfitAndLossSummary_ClosingEntries)
Account: Profit and Loss Summary
Account No. 310
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 GJ 273307 0 273307 DR
Jun 30 GJ 0 347821 74514 CR
Jun 30
Jun 30 Post-Closing Balance 74514 CR
Feedback
Account: Profit and Loss Summary
Account No. 310
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Closing entry to debit the Profit and Loss Summary account GJ 273,307 273,307 DR
Jun 30 Closing entry to credit the Profit and Loss Summary account GJ 347,821 74,514 CR
Jun 30 Transfer to Retained Earnings GJ 74,514 0
Jun 30 Post-Closing Balance 0
(Q=960-400.SalesRevenue_ClosingEntries)
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from sales journal SJ 152,670 152,670 CR
Jun 30 Total from cash receipts journal CRJ 193,900 346,570 CR
Jun 30 Closing entry GJ 346570 0 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Sales Revenue
Account No. 400
Date Description Ref. Debit Credit Balance
May 31 Balance 0
closing entry to debit
Closing entry to credi

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Jun 30 Total from sales journal SJ 152,670 152,670 CR
Jun 30 Total from cash receipts journal CRJ 193,900 346,570 CR
Jun 30 Closing entry GJ 346,570 0
Jun 30 Post-Closing Balance 0
(Q=960-401.SalesReturnsAndAllowances_ClosingEntries)
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 3,600 3,600 DR
Jun 30 Closing entry GJ 0 3600 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Sales Returns and Allowances
Account No. 401
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 3,600 3,600 DR
Jun 30 Closing entry GJ 3,600 0
Jun 30 Post-Closing Balance 0
(Q=960-402.DiscountReceived_ClosingEntries)
Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 300 300 CR
Jun 30 Closing entry GJ 300 0 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback

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Account: Discount Received
Account No. 402
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 300 300 CR
Jun 30 Closing entry GJ 300 0
Jun 30 Post-Closing Balance 0
(Q=960-403.InterestRevenue_ClosingEntries)
Account: Interest Revenue
Account No. 403
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Interest received from the bank CRJ 826 826 CR
Jun 30 Accrued interest revenue GJ 125 951 CR
Jun 30 Closing entry GJ 951 0 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Interest Revenue
Account No. 403
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Interest received from the bank CRJ 826 826 CR
Jun 30 Accrued interest revenue GJ 125 951 CR
Jun 30 Closing entry GJ 951 0
Jun 30 Post-Closing Balance 0
(Q=960-500.CostOfSales_ClosingEntries)
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 2,000 2,000 CR
Jun 30 Total from sales journal SJ 83,310 81,310 DR
Jun 30 Total from cash receipts journal CRJ 118,540 199,850 DR

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Jun 30 Closing entry GJ 0 199850 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Cost of Sales
Account No. 500
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 13 Sales return from Hypertronics GJ 2,000 2,000 CR
Jun 30 Total from sales journal SJ 83,310 81,310 DR
Jun 30 Total from cash receipts journal CRJ 118,540 199,850 DR
Jun 30 Closing entry GJ 199,850 0
Jun 30 Post-Closing Balance 0
(Q=960-511.AdvertisingExpense_ClosingEntries)
Account: Advertising Expense
Account No. 511
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Benefits consumed GJ 2,000 2,000 DR
Jun 30 closing entry GJ 0 2000 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Advertising Expense
Account No. 511
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Benefits consumed GJ 2,000 2,000 DR
Jun 30 Closing entry GJ 2,000 0
Jun 30 Post-Closing Balance 0

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(Q=960-516.WagesExpense_ClosingEntries)
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 45,134 45,134 DR
Jun 30 Accrued wages expense GJ 11,220 56,354 DR
Jun 30 Closing entry GJ 0 56354 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Wages Expense
Account No. 516
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash payments journal CPJ 45,134 45,134 DR
Jun 30 Accrued wages expense GJ 11,220 56,354 DR
Jun 30 Closing entry GJ 56,354 0
Jun 30 Post-Closing Balance 0
(Q=960-540.RentExpense_ClosingEntries)
Account: Rent Expense
Account No. 540
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Rent expired GJ 2,400 2,400 DR
Jun 30 Closing entry GJ 0 2400 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Rent Expense
Account No. 540
Date Description Ref. Debit Credit Balance

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May 31 Balance 0
Jun 30 Rent expired GJ 2,400 2,400 DR
Jun 30 Closing entry GJ 2,400 0
Jun 30 Post-Closing Balance 0
(Q=960-541.ElectricityExpense_ClosingEntries)
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued electricity expense GJ 353 353 DR
Jun 30 Closing entry GJ 0 353 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Electricity Expense
Account No. 541
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued electricity expense GJ 353 353 DR
Jun 30 Closing entry GJ 353 0
Jun 30 Post-Closing Balance 0
(Q=960-542.WaterExpense_ClosingEntries)
Account: Water Expense
Account No. 542
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued water expense GJ 115 115 DR
Jun 30 closing entry GJ 0 115 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback

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Account: Water Expense
Account No. 542
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued water expense GJ 115 115 DR
Jun 30 Closing entry GJ 115 0
Jun 30 Post-Closing Balance 0
(Q=960-543.InsuranceExpense_ClosingEntries)
Account: Insurance Expense
Account No. 543
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Insurance expired GJ 650 650 DR
Jun 30 Closing entry GJ 0 650 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Insurance Expense
Account No. 543
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Insurance expired GJ 650 650 DR
Jun 30 Closing entry GJ 650 0
Jun 30 Post-Closing Balance 0
(Q=960-544.SuppliesExpense_ClosingEntries)
Account: Office Supplies Expense
Account No. 544
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Supplies used GJ 364 364 DR
Jun 30 Closing entry GJ 0 364 0
Jun 30
Jun 30

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Jun 30 Post-Closing Balance 0
Feedback
Account: Office Supplies Expense
Account No. 544
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Supplies used GJ 364 364 DR
Jun 30 Closing entry GJ 364 0
Jun 30 Post-Closing Balance 0
(Q=960-545.SalaryExpense_ClosingEntries)
Account: Salary Expense
Account No. 545
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Paid salary CPJ 6,600 6,600 DR
Jun 30 Closing entry GJ 0 6600 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Salary Expense
Account No. 545
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Paid salary CPJ 6,600 6,600 DR
Jun 30 Closing entry GJ 6,600 0
Jun 30 Post-Closing Balance 0
(Q=960-560.DepreciationExpenseCapitalAsset2_ClosingEntries)
Account: Depn Expense: Cash Registers
Account No. 560
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Depreciation - one month GJ 76 76 DR

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Jun 30 Closing entry GJ 0 76 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Depn Expense: Cash Registers
Account No. 560
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Depreciation - one month GJ 76 76 DR
Jun 30 Closing entry GJ 76 0
Jun 30 Post-Closing Balance 0
(Q=960-561.DepreciationExpenseCapitalAsset1_ClosingEntries)
Account: Depn Expense: Store Fixtures
Account No. 561
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Depreciation - one month GJ 254 254 DR
Jun 30 Closing entry GJ 0 254 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Depn Expense: Store Fixtures
Account No. 561
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Depreciation - one month GJ 254 254 DR
Jun 30 Closing entry GJ 254 0
Jun 30 Post-Closing Balance 0
(Q=960-571.InterestExpense_ClosingEntries)
Account: Interest Expense
Account No. 571

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Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued interest expense GJ 220 220 DR
Jun 30 Closing entry GJ 0 220 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Interest Expense
Account No. 571
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Accrued interest expense GJ 220 220 DR
Jun 30 Closing entry GJ 220 0
Jun 30 Post-Closing Balance 0
(Q=960-572.BankCharges_ClosingEntries)
Account: Bank Charges
Account No. 572
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Transaction fee CPJ 11 11 DR
Jun 30 Closing entry GJ 0 11 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Bank Charges
Account No. 572
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Transaction fee CPJ 11 11 DR
Jun 30 Closing entry GJ 11 0
Jun 30 Post-Closing Balance 0

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(Q=960-573.DiscountAllowed_ClosingEntries)
Account: Discount Allowed
Account No. 573
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash receipts journal CRJ 460 460 DR
Jun 30 Closing entry GJ 0 460 0
Jun 30
Jun 30
Jun 30 Post-Closing Balance 0
Feedback
Account: Discount Allowed
Account No. 573
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Total from cash receipts journal CRJ 460 460 DR
Jun 30 Closing entry GJ 460 0
Jun 30 Post-Closing Balance 0
Manual Accounting Practice Set
Technology Boutique, Australasian Edition 3 (VTA3q)
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