you know you have an error. Prepaid Rent – 0

by | Jan 27, 2024 | Uncategorized

20XX Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities – 0 Long Term Liabilities: Total Current Assets – 0 Total Long Term Liabilities: – 0 Total Liabilities: – 0 Owner's Equity Non-Current Assets: Total Equity – 0 Total Non Current/Fixed Assets – 0 Total Assets: – 0 Total Liabilities & Equity – 0 <== Total Assets on the left should equal Liabilities + Owner's Equity on the right.

Closing Entries

A Company
Closing Entries
Month ending 03/31/20XX
Date Accounts Debit Credit
31-Mar
Close revenues
31-Mar
Close Expenses
31-Mar
Close Income Summary
31-Mar
Close Dividends
– 0 – 0

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Chart of Accounts

This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Owner's Capital 301
Accounts Receivable 102 Accounts Payable 202 Owner Draws 302
Prepaid Rent 103 Wages Payable 203
Office Furniture 104
Office Supplies 105
Accumulated Depreciation (contra asset) 106
Revenue Accounts
Acct #
Service Revenue 401
Expense Accounts
Acct #
Rent expense 501
Business License Expense 502
Insurance Expense 503
Repairs and Maintenance 504
Advertising Expense 506
Wages Expense 507
Utilities Expense 508
Depreciation Expense 509
Cash
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Dividends
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold

General Journal

A Company
General Journal Entries Journal Entry Tips
The debited account is recorded first

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