On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $...
On December 31, the ledger of Davis Company contained the following account balances:
Accounts Payable $ 13,600
Fees Income $ 182,000
Accounts Receivable 6,000
Supplies 4,400
Accumulated Depreciation 8,400
Prepaid Rent 62,000
Cash 84,000
Rent Expense 9,200
Depreciation Expense 8,400
Supplies Expense 8,400
Equipment 72,000
Teresa Davis, Capital 120,000
Teresa Davis, Drawing 54,000
Utilities Expense 15,600
All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.
*Fee income to income summary, expenses to income summary, income net or loss from income summary to capital, drawings to capital*
Homework Answers
Answer-The closing entries for Davis Company on December 31:-
| Date | General Journal | Debit | Credit |
| Dec-31 | Fees Income | $182,000 | |
| Income Summary | $182,000 | ||
| (Fees Income transferred to income Summary) | |||
| Dec-31 | Income Summary | $41,600 | |
| Depreciation Expense | $8,400 | ||
| Rent Expense | $9,200 | ||
| Supplies Expense | $8,400 | ||
| Utilities Expesne | $15,600 | ||
| (Expenses transferred to income Summary) | |||
| Dec-31 | Income Summary ($182,000-$41,600) | $140,400 | |
| Teresa Davis , Capital | $140,400 | ||
| (Net income transferred to Capital Account ) | |||
| Dec-31 | Teresa Davis , Capital | $54,000 | |
| Teresa Davis , Drawing | $54,000 | ||
| ( Drawings transferred to capital account ) | |||
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