The ledger of Mai Company includes the following accounts with normal balances as of December 31:
Record the entry to close revenue accounts, close expense accounts, income summary account, dividends account
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,500; Dividends $1,550; Services Revenue $28,000; Wages Expense $15,900; and Rent Expense $4,600.
Prepare its December 31 closing entries.
Homework Answers
| Journal entries | |||
| No. | ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
| December 31 | Service Revenue | 28,000.00 | |
| Income Summary | 28,000.00 | ||
| (To close revenue accounts) | |||
| December 31 | Income Summary | 20,500.00 | |
| Wages Expense | 15,900.00 | ||
| Rent Expense | 4,600.00 | ||
| (To close expense accounts) | |||
| December 31 | Income Summary | 7,500.00 | |
| Retained Earnings | 7,500.00 | ||
| (To close net income / (loss)) | |||
| December 31 | Retained Earnings | 1,550.00 | |
| Dividends | 1,550.00 | ||
| (To close dividends) | |||
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The ledger of Mai Company includes the following accounts with normal balances as of December 31:
The ledger of Mai Company includes the following accounts with normal balances as of December 31:...
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $ 11,000 ; Dividends $ 1,800 ; Services Revenue $ 33,000 ; Wages Expense $ 18,400 ; and Rent Expense $ 5,600.Prepare its December 31 closing entries.
QS 3-18 (Static) Preparing closing entries from the ledger LO P6 The ledger of Mai Company...
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Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
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Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
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