Journalize the closing entries at the end of the year.
Homework Answers
Closing Entries:
| Date | Account title and explanation | Debit | Credit |
| 12/31/20X7 | Service revenue | $75,000 | |
| Income Summary | $75,000 | ||
| [To close revenue accounts] | |||
| 12/31/20X7 | Income summary | $57,700 | |
| Salary expense | $40,000 | ||
| Rent expense | $10,000 | ||
| Supplies expense | $1,500 | ||
| Depreciation expense | $5,000 | ||
| Utilities expense | $1,200 | ||
| [To close expense accounts] | |||
| 12/31/20X7 | Income summary ($75,000-$57,700) | $17,300 | |
| Retained earnings | $17,300 | ||
| [To close income summary account] | |||
| 12/31/20X7 | Retained earnings | $4,000 | |
| Dividends | $4,000 | ||
| [To close dividends account] |
Add Answer to:
Journalize the closing entries at the end of the year.
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Prepare Debit Company's income statement and statement of retained earnings for the year ended December 31,...
Prepare Debit Company's income statement and statement of
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I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
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Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
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