Rhezel B.

Pusing BSA-I
Elvie Zulueta, CPA
Closing Entry
December 31, 20A

Account Titles Debit Credit

Professional Income 180, 000
Income Summary 180, 000

Income Summary 59, 980

Uncollectible Account 480
Depreciation Expense 4, 500
Utilities Expense 25, 000
Supplies Expense 5, 000
Salaries Expense 15, 000
Rent Expense 10, 000

Income Summary 47, 500

E. Zulueta, Capital 47, 500

E. Zulueta, Capital 15, 000

E. Zulueta, Withdrawal 15, 000

Elvie Zulueta, CPA

Post-Closing Trial Balance
December 31, 20A

Debit Credit

Cash in Bank P 78, 000.00 78, 000.00

Accounts Receivable 35, 000.00 35, 000.00
Estimated Uncollectible Account (480) P 480.00
Unused Supplies 12, 500.00 12, 500
Office Equipment 45, 000.00 45, 000
Accumulated Depreciation (4, 500) 4, 500.00
Accounts Payable 13, 000.00
E. Zulueta, Capital 152, 520.00
Total P 170, 500.00 P170, 500.00
Reversing Entry

Elvie Zulueta, CPA

Adjusting Enrty
December 31, 20A

Date Account Titles Debit Credit

2020 Dec. 31 Unused Supplies 12, 500
Supplies Used 12, 500

2020 Dec. 31 Utilities Expense- 25, 000

Utilities Payable 25, 000

2020 Dec. 31 Salaries Expense- 15, 000

Salaries Payable 15, 000

2020 Dec. 31 Accounts Receivable 35, 000

Professional Income 35, 000

Elvie Zulueta, CPA

Opening Entry
January 1, 20B

Date Account Titles Debit Credit

2020 Dec. 31 Supplies Used 12, 500
Unused Supplies 12, 500

2020 Dec. 31 Utilities Payable 25, 000

Utilities Expense 25, 000

2020 Dec. 31 Salaries Payable 15, 000

Salaries Expense 15,000

2020 Dec. 31 Professional Income 35, 000

Accounts Receivable 35, 000