2. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense Insurance expense Utilities expense 7,000 350 75 Supplies expense Supplies payable Salaries payable Depreciation expense 500 400 300 425 Prepare all the necessary closing entries for this company.

2. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense Insurance expense Utilities expense 7,000 350 75 Supplies expense Supplies payable Salaries payable Depreciation expense 500 400 300 425 Prepare all the necessary closing entries for this company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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