Below is the adjusted trial balance for Soup Plus for the period ending on January 31, 20XX.

Notes Payable

Accounts Payable

Unearned Revenue

Salaries and Wages Payable

Interest Payable

Owner’s Capital

Owner’s Drawings

Food Revenue

Beverage Revenue

Cost of Beverage Sold

Cost of Food Sold

Depreciation Expense

Insurance Expense

Interest Expense

Rent Expense

Salaries and Wages Expense

Supplies Expense

Utilities Expense

Account Title

Soup Plus

Adjusted Trial Balance

January 31, 20XX

Debit

1,000

1,500

1,950

167

500

29

500

3,600

300

200

Credit

Cash

Accounts Receivable

Supplies

Food Inventory

Beverage Inventory

Prepaid Rent

Equipment

Accumulated Depreciation

$ 35,100

2,000

1,500

3,050

1,500

5,500

9,000

$ 167

7,000

200

300

600

50,000

6,900

2,200

29

Food Revenue

Beverage Revenue

Income Summary

$ 67,396 $ 67,396

Required:

Journalize the closing entries. Omit references when journalizing. Post the Income Summary and Owner’s Capital Accounts.

Close Revenues

Date

January 31

Account Title and Explanation

Debit

6,900

2,200

Credit

9,100

Close Expenses

Date

January 31

Account Title and Explanation

Cost of Beverage Sold

Cost of Food Sold

Depreciation Expense

Debit

1,500

1,950

167

500

Credit

January 31

Insurance Expense

Interest Expense

Salaries and Wages Expense

Supplies Expense

Utilities Expense

Rent Expense

Income Summary

Income Summary

Owner’s Capital

Account Title and Explanation

Owner’s Drawings

Owner’s Capital

3,600

29

300

200

500

354

1,000

8,746

Close Income Summary

Date

January 31

Account Title and Explanation

Debit

Credit

354

January 31 Close Owner’s Drawings

Date

Debit

Credit

1,000

Owner’s Capital

Date

January 31

Date

Beginning balance

Closed income summary

Closed drawings account

Explanation

Explanation

Income Summary

Ref.

J1

J1

J1

Ref.

Debit

Debit

50,000

Credit

Credit

8,746

1,000

January 31

Closed the revenue accounts

Closed the expense accounts

Closed income summary

J1

J1

J1

9,100

8,746

8,746