Adjusting Entries and Closing Entries Assignment | homework help websites

This Assignment Has 2 Parts, As Follows: Please Explain The Purpose Of Adjusting Entries And Closing Entries. In A 1-2-Page Paper, Not Including The Title And Reference Pages, Detail What Each Accomplishes, And Give Examples Of Each. Please Journalize Th

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This assignment has 2 parts, as follows:

  1. Please explain the purpose of adjusting entries and closing entries. In a 1-2-page paper, not including the title and reference pages, detail what each accomplishes, and give examples of each.
  2. Please journalize the closing entries from the attached 10-column worksheet. Use the attached template to complete your General Journal.
Unadjusted     Adjusted Income Balance Sheet /
Trial Balance Adjustments Trial Balance Statement Owner’s Equity
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 10375 10375 10375
Prepaid Insurance 1000 b) 200 800 800
Supplies 225 a) 50 175 175
Automobile 15000 15000 15000
Accum. Depr. 1000 c) 1000 2000 2000
Franki Valley, Capital 18000 18000 18000
Franki Valley, Drawing 400 400 400
Commission Revenue 8000 8000 8000
Depreciation expense 0 c) 1000 1000 1000
Supplies Expense 0 a) 50 50 50
Insurance expense 0   B) 200   200   200
27000 27000 1250 1250 28000 28000 1250 8000 26750 20000
net income 6750   6750
8000 8000 26750 26750


General Journal
Date Account Titles PR CREDIT DEBIT
Closing Entries

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