Question

Callyds m yr omework i Saved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $31,800 Maria Lopez, Drawing 2,300 Fees Income 1,500 Depreciation Expense 24,800 Salaries Expense 1.900 Supplies Expense 2,400 Telephone Expense 47,050 Utilities Expense $12,300 47,750 2,150 5,800 2,400 2,000 4,050 Prepare the closing entries for the above transactions. View transaction list Journal entry worksheet K12 3 4

Answer 1

Journal entry worksheet from 1 to 3 has been submitted in first image and the fourth is with second image.

1 Closing Entry for revenue : Credit Date i Dec 31, 2019 General Tournal & Debit Fees Income 47,750 - To Income Summary 47,750 closing Entry for Expenses Date General Journal Debit Credit Dec 31, 2019 Income Summary 26,400 To salaries Expense To Utilities Expense To Supplies Exp. To Telephone expense To Depreciation Expense 15,800 4,050 2,400 2,000 2,150 closing Entry for the balance of Income Summary Credit Date Dec 31, 2019 General Journal Debit Income Summary 21,350 (47,770-26600) To Retained earnings 21,350

Account Closing Date Dec 31, 2019 Entry for Drawing General Tournal Debit Maria Lopez, Capital 12,300 Maria Lopa, Drawings 12,300