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.
Homework Answers
| Date | General Journal | Debit | Credit |
| Dec. 31 | Service Revenue | $33,000 | - |
| Income Summary | - | $33,000 | |
| Dec. 31 | Income Summary | $24,000 | - |
| Wages expense | - | $18,400 | |
| Rent expense | - | $5,600 | |
| Dec. 31 | Income Summary | $9,000 | |
| Retained Earnings | $9,000 | ||
| Dec. 31 | Retained Earnings | $1,800 | - |
| Dividend | - | $1,800 |
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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:
Record the entry to close revenue accounts, close expense
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