The adjusted trial balance columns of the worksheet for DeSousa Company are as follows. DESOUSA COMPANY Worksheet (partial) For the Month Ended April 30, 2017
Adjusted Trial Balance
Account Titles Dr. Cr.
Cash 10,000
Accounts Receivable 7,780
Prepaid Rent 2,320
Equipment 22,850
Accumulated Depreciation--Equip. 4,500
Notes Payable 5,900
Accounts Payable 4,500
Common Stock 20,250
Retained Earnings 8,550
Dividends 3,850
Service Revenue 15,500
Salaries and Wages Expense 11,000
Rent Expense 800
Depreciation Expense 600
Interest Expense 50
Interest Payable 50
Totals 59,250 59,250
1. Journalize the closing entries at April 30.
2. Post the closing entries to Income Summary and Retained Earnings.
3. Prepare a post-closing trial balance at April 30.

1. Journalize the closing entries at April 30.

April 30, revenue closing entry

Dr Service Revenue 15,500

    Cr income summary 15,500

April 30, expenses closing entry

Dr Income summary 12,450

    Cr Salaries and Wages Expense 11,000

    Cr Rent Expense 800

    Cr Depreciation Expense 600

    Cr Interest Expense 50

2. Post the closing entries to Income Summary and Retained Earnings.

April 30, income summary closing entry

Dr Income summary 3,050

    Cr Retained earnings 3,050

April 30, dividends closing entry

Dr Retained earnings 3,850

    Cr Dividends 3,850

3. Prepare a post-closing trial balance at April 30.

Assets:

Cash $10,000

Accounts Receivable $7,780

Prepaid Rent $2,320

Equipment $22,850

Accumulated Depreciation--Equip. ($4,500)

Total assets: $38,450

Liabilities and stockholders' equity:

Accounts Payable $4,500

Interest Payable $50

Notes Payable $5,900

Common Stock $20,250

Retained Earnings $7,750

Total liabilities and stockholders' equity: $38,450

retained earnings = $8,550 - $3,850 + $3,050 = $7,750

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