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(solution) Gonzalez Company had the following adjusted trial balance :


Gonzalez Company had the following adjusted trial balance:
Account Titles Debit Credit Cash $25,290 Accounts Receivable 16,620 Supplies 8,090 Equipment 38,900 Accumulated Depreciation $8,500 Accounts Payable 3,030 Unearned Rent Revenue 2,030 Capital 47,940 Drawing 16,600 Commission Revenue 59,500 Rent Revenue 7,100 Depreciation Expense 6,200 Utilities Expense 10,900 Supplies Expense 5,500 Total $128,100 $128,100
The president of Gonzalez Company has asked you to close the books (prepare and process the closing entries).

Required:

After the closing process has been completed, answer the following questions:

What is the balance in the supplies expense account? $ What is the balance in the Capital account? During the closing process, what amount was transferred from the income summary account to the Capital account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)?
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Sep 13, 2020

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