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Completing Period-End Activities The general ledger for Show biz Video shows the

Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe ISBN: 9780078688294 416

Solution for problem 10-8 Chapter 10

Accounting: First Year Course | 1st Edition

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Accounting: First Year Course | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe

Accounting: First Year Course | 1st Edition

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Problem 10-8

Completing Period-End Activities The general ledger for Show biz Video shows the following at December 31: General Ledger 101 Cash in Bank 12,000 207 Accts. Pay. 105 Accts. Rec.G. Cohen 3,000 New Media Suppliers 3,000 110 Accts. Rec.J. Coletti 900 209 Accts. Pay.Palace Films 14,000 113 Accts. Rec.S. Flannery 1,800 301 Greg Failla, Capital 33,775 115 Accts. Rec.Spring 305 Greg Failla, Withdrawals 4,000 Branch School District 1,500 310 Income Summary 130 Office Equipment 5,000 401 Video Rental Revenue 9,600 135 Office Furniture 8,000 405 VCR Rental Revenue 3,500 140 Computer Equipment 10,000 501 Advertising Expense 1,600 145 Video Tapes 20,000 505 Equipment Repair 150 Video Equipment 9,000 Expense 1,200 201 Accts. Pay.Broad Street 510 Maintenance Expense 400 Office Supply 400 520 Rent Expense 1,000 205 Accts. Pay. 530 Utilities Expense 375 Computer Horizons 15,500 Instructions Using the preceding account names and balances: 1. Prepare the six-column work sheet. The period covered is one month. 2. Prepare the financial statements. Greg Failla invested $10,000 during the month. 3. Record the closing entries on page 12 of the general journal. 4. Post the closing entries. 5. Prepare a post-closing trial balance.

Step-by-Step Solution:

Problem 10.8

Completing Period-End Activities

The general ledger for Show biz Video shows the following at December 31:

Instructions. Using the preceding account names and balances:

1. Prepare the six-column work sheet. The period covered is one month.

2. Prepare the financial statements. Greg Failla invested $10,000 during the month.

3. Record the closing entries on page 12 of the general journal.

4. Post the closing entries.

5. Prepare a post-closing trial balance.

                                                              Step by Step Solution

Step 1 of 6

Entries that are prepared at the end of the accounting period are known as closing entries. These are prepared with the purpose of closing the temporary accounts used such as revenue and expenses accounts.

Step 2 of 6

Chapter 10, Problem 10-8 is Solved
Step 3 of 6

Textbook: Accounting: First Year Course
Edition: 1
Author: Glencoe
ISBN: 9780078688294

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Completing Period-End Activities The general ledger for Show biz Video shows the