Question
Prepare closing entries on December 31 using the end-of-period spreadsheet. Refer to the chart of accounts for exact wording of account titles.

Prepare closing entries from the following end-of-period spreadsheet. Refer to the Chart of Accounts for exact wording of acc
Chart of Accounts General Journal struction Supplies 0,000 7,000 1,000 Equipment 18,500 18,500 Accumulated Depreciation 1,500
ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 16 Equipment 51 Wages Expense 17 Accumulate
Prepare closing entries on December 31 using the end-of-period spreadsheet. Refer to the Chart of Accounts for exact wording
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Answer #1

Closing entries are made to close the temporary accounts to permanent accounts, at the end of an accounting period. The temporary account includes revenue accounts, expense accounts, etc.

Revenue, in this question includes fees earned. Expenses include, Wages expense, Supplies expense and Depreciation expense.
The income summary is closed by transferring the profit or net income to owner's capital account.

Profit/ Net income = Revenue - Expenses
= 59,500 - 29,500 = 30,000

Drawings account also will be closed by transferring to Capital account.

JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 59,500 Dec 31 Fees Earned Income Summary (To close revenues to income summar

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