Question

So Lee and Asociates a proprietorshipon December BL 20 ease inclode the approgriate eerpin of ench desin m entre (12marks . LOSING OURNAL ENTRIES (14 Marks) Rased en the fongdted tril balnce, he pgeparethe closingounal entries for Sco Lee and Asaociaten Ated rial Balance December 3L, 209 Cred Deb S11,600 2,000 700 Caph Accounts reecevable Office supplies Prepad rance Eqment AccumulateaDepreciation Eguipment Accounts pavable Salary payable Unearmed service revenue Scott tee, capital Scott Lee, drawings Service revenue Advertising expense Depreciation expense Supplies expense Insurance expense Utilities expense 1,200 15,600 S3.00 1100 B00 22,900 4900 9.250 1,400 1,300 500 650 2.900 $44.750 Total

Answer 1

Closing Entries
Particulars			Debit	Credit
Service Revenue			$ 9,250.00
To Income Summary				$ 9,250.00
(Entry to close service revenue)
Income Summary			$ 6,750.00
To Advertising Expense				$ 1,400.00
To Depreciation Expense				$ 1,300.00
To Supplies Expense				$    500.00
To Insurance Expense				$    650.00
To Utilities Expense				$ 2,900.00
(Entry to close all expense a/c's)
Income Summary			$ 2,500.00
To Scott Lee, Capital				$ 2,500.00
(Entry to transfer net income to
owner's capital)
Scott Lee, Capital			$ 4,900.00
To Scott Lee, Drawings				$ 4,900.00
(Entry to close owner's drawings)