Seljuk Company has the following balances in selected accounts of its adjusted trial balance. Accounts Payable...
Seljuk Company has the following balances in selected accounts of its adjusted trial balance.
Accounts Payable $27,000 Service Revenue $98,000 Rent Expense $22,000 Salaries and Wages Expense $51,000 Owner's Drawings $15,000 Owner's Capital $42,000 Accounts Receivable $ 38,000 and Supplies Expense $7,000.
Which account or accounts will be debited in the first closing entry journal?
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Homework Answers
First we have to close revenue accounts. when we are recording service revenue account, we credited revenue account. so to close revenue account we have to debit Service revenue account.
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Seljuk Company has the following balances in selected accounts
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