Question

Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) No. Account Titles and Explanation Credit Cash Debit 1 Accounts Receivable Allowance for Doubtful Accounts (To close revenue accounts) 2. (To close expense accounts) 3. (To close net income / (loss))

Answer 1

Closing entries are the journal entries that are made at the end of an accounting period, to transfer balances from temporary accounts (Nominal Accounts) to permanent accounts, permanent accounts will reflect in the balance sheet..

eg: Temporary accounts - sales, expenses, etc.

Description	Debit Amount ($)	Credit Amount ($)	Explanation
Dues Revenue A/c             Dr Green fees Revenue A/c    Dr Rent Revenue A/c               Dr                   To Income Summary	202078 5372 18000	225450	To Close Revenue Account
Income Summary A/c         Dr                   To Utilities expense A/c                   To Bad Debt expenses A/c                   To Salaries & wage expenses A/c                   To Depreciation expenses A/c                   To Insurance expenses A/c                   To Maintence &Repair expenseA/c	198935	55180 808 87737 22390 3550 29270	To Close expense Accounts
Income Summary A/c           Dr         To Retained earnings A/c	26515	26515	To close the Income summary

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