Month-end close simulator
Close March for a small consulting firm: adjustments, a bank fee from the statement, closing entries, and a post-closing check.
Sandbox
Self-check practice on this device: your entries autosave locally. The sandbox isn't graded for mastery — use the graded practice below for that.
Harbor Point Consulting
Period Mar 1, 2026 – Mar 31, 2026 · accrual basis · USD
| Account | Debit | Credit | |
|---|---|---|---|
| Totals | $0.00 | $0.00 |
Enter amounts to see totals.
Month-end checklist
- Not done: Record insurance used in March. The $2,400 prepaid policy covers 12 months.Hint: Monthly expense = $2,400 ÷ 12.
- Not done: Record March depreciation: equipment ($9,000, no salvage, 60 months, straight-line).Hint: $9,000 ÷ 60 = $150 per month.
- Not done: Accrue wages earned Mar 16–31, to be paid April 1: $2,400.Hint: Dr Wages Expense, Cr Wages Payable.
- Not done: A count shows $120 of supplies on hand.Hint: Supplies used = $400 − $120.
- Not done: Half of the $1,500 unearned revenue was earned in March.Hint: Move $750 from Unearned Revenue to Service Revenue.
- Not done: The March bank statement shows an unrecorded $15 service fee.Hint: Dr Bank Fees Expense $15, Cr Cash.
- Not done: Close the period (closing entries to Owner Capital).Hint: Use “Close period” after all adjustments.
- Not done: Post-closing trial balance: Owner Capital should be $23,855.00 (opening $22,700 + net income $2,655 − drawings $1,500).Hint: If capital differs, check each adjustment amount before closing.
Graded practice
Item 1 of 7
Freeintermediate
Close revenue accounts
At Dec 31, 2026, Maple Street Tutoring's Service Revenue has a $7,400.00 credit balance and Interest Revenue has a $79.00 credit balance. Record the closing entry that transfers revenues to Income Summary.