Question

Instructions At the accounts have been used December the end of the the following balance womewoon very nicesco Kerry BC Kombinewwing 3350 000 42.500 1.324.000 7100 JOURNAL Centro Wages Expense Rent Expense Supplies Expense Miscellaneous pense 14 500 Forse 14.00.00 7,350 Jornare the two entre required to close the accounts Refer to the Chart of Accounts for exact wording of account

Answer 1

Journal Entries ($)

Dec 31	Fees Earned Dr	1,324,000
	To Income Summary		1,324,000
	(Income for the year)
Dec 31	Income Summary Dr	839,850
	To Wages expense		749,100
	To Rent expense		68,800
	To Supplies Expense		14,600
	To Miscellaneous expense		7,350
Dec 31	Income Summary Dr	484,150
	To Kerry Buckner, Capital		484,150
	(Balance of Income over expense trfd.)
Dec 31	Kerry Buckner, Drawings Dr	42,500
	To Kerry Buckner, Capital		42,500
	(Drawings Closed to capital)