Question

Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.) BRAMBLE CLEANERS Balance Sheet March 31, 2017 Assets Current Assets Cash 8740 Accounts Receivable 8070 350 Supplies Prepaid Rent Prepaid Insurance 1200 2500 Total Current Assets 20860 Property, Plant and Equipment Equipment 9900

Need help jounalizing the closing entries I am confused as to what the values would be on the blank ones? Please help! Let me know if you need any more info. EDIT: I think all the values are wrong please help!!!

Answer 1

Closing entry :

Date	account and explanation	debit	credit
Mar 31	Service revenue	10050
	Income summary		10050
	(To close revenue account)
mar 31	Income summary	8506
	Salary and wages expense		3510
	Supplies expense		3120
	Maintenance and repairs expense		430
	Insurance expense		500
	Depreciation expense		310
	Rent expense		600
	Interest expense		36
	(To close expense account)
Mar 31	Income summary	1544
	Retained earrnings		1544
	(To close income summary account)
Mar 31	Retained earnings	1120
	Dividends		1120
	(To close dividend account)