Question

Prepare the closing journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)

Post the closing entry and prepare a post-closing trial balance. (Enter your answers in thousands of dollars.)

Required information The following information applies to the questions displayed below Intemational celebrity Jay and Goku began operations of their machine shop (J& G Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $4 Accounts Receivable 4 Supplies I1 Land Equipment Accumulated depreciation 62 $7 Software 18 Accumulated amortization Accounts payable Notes payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Common Stock Retained carnings Service revenue Salaries and wages expense 7 6 72 7 0 Depreciation expense Amortization expense Income tax expense Interest expense 0 0 Supplies expense 0 Totals $99 $99

Answer 1

Closing JEs
No.	Acccount	Debit	Credit
1	Service revenue	164
	Salaries & Wages expense		98
	Supplies expense		17
	Depreciation expense		7
	Amortisation expenses		7
	Interest expense		2
	Income tax expense		9
	Retained Earnings		24

J & G Tool, Inc T Accounts Debit Date Credit Date Debit Date Credit Debit Date Credit Date Debit Credit Date Date Date Cash Accounts Receivable Supplies $ Land 4. Op bal h. $ Op bal $ Op bal $ $ Op bal 4 11 - 13 b $ $ $ b 7 42 26 17 7 a е $ $ $ d 25 12 17 C $ h f 122 14 26 i $ 87 $ $ $ Bal. Bal. Bal. Bal. 70 20 11 7 Accum. Amortisation Software Op bal Equipment $ Accum. Depr.-Equipment Op bal $ Software $ $ $ Op bal 7 Op bal 62 18 7 $ $ d k 7 12 7 m Bal. $ $ $ $ Bal. Bal. Bal 62 14 30 14 Salaries & Wages Payable Accounts Payable Notes Payable (shortterm) Interest Payable 14 Op bal Op bal $ Op bal $ Op bal $ $ f - $ $ 17 13 11 2 е а Bal. $ Bal. $ Bal $ $ Bal 13 11 2 Income Tax Payable Retained Earnings Common Stock Op bal $ Op bal Op bal $ $ $ $ 72 7 - 1 $ 9 25 24 р C Bal. Bal. $ $ Bal. 9 97 31 Amortisation expenses Service revenue Salaries & Wages expense Depreciation expense $ $ $ $ h i k 164 87 7 7 m 1 $ 164 1 $ 1 $ 11 98 7 7 Bal. $ $ $ $ Bal. Bal. Bal. Income tax expense Supplies expense $ Interest expense $ $ 1 $ 1 $ 2. 2 17 17 р n $ $ $ Bal Bal. Bal -

J& G Tool, Inc. Adjusted TB Post Closing TB Account Debit Credit Debit Credit Cash 70 70 Accounts Receivable 20 20 Supplies 11 11 Land 7 7 Equipment 62. 62. Accumulated Depreciation 14 14 Software 30 Accumulated Amortisation 14 14 Accounts Payable 9 Notes Payable (shortterm) 13 Salaries & Wages Payable Interest Payable 11 11 2. 2 Income Tax Payable 9 Common stock 97 97 Retained Earnings 7 31 Service revenue 164 Salaries & Wages expense 98 Supplies expense 17 Depreciation expense 7 Amortisation expenses 7 Interest expense 2 Income tax expense Totals 340 340 200 200 30 Nan

J& G Tool, Inc Journal entries No. Debit Credit Calculation Acccount Cash 13 а Notes Payable (shortterm) 13 Land b 7 Cash 7 Cash 25 с Common stock 25 d Software 12 Cash 12 Supplies Accounts Payable 17 e 17 Accounts Payable f 14 Cash 14 No entry g - Cash 122 Accounts Receivable 42. Service revenue 164 Salaries & Wages expense 87 Cash 87 Cash 26 Accounts Receivable 26 Adjusting JEs Amortisation expenses k 7 Accumulated Amortisation Supplies expense 17 -17+11-11 Supplies 17 Depreciation expense Accumulated Depreciation 7 7 Interest expense 2 n Interest Payable 2 Salaries & Wages expense 11 Salaries & Wages Payable 11 Income tax expense 9 p |Income Tax Payable 9 7