2. This is the first accounting period for Fiona Franklin Financial Planning. The Temporary Equity accounts have the following balances on June 30th: Revenue $200,000 Withdrawals $40,000 Salary Expense $30,000 Utility Expense $1,000. Required: Record the four closing journal entries in the closing journal.
2. This is the first accounting period for Fiona Franklin Financial Planning. The Temporary Equity accounts have the following balances on June 30th: Revenue $200,000 Withdrawals $40,000 Salary Expense $30,000 Utility Expense $1,000. Required: Record the four closing journal entries in the closing journal.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...
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
Transcribed Image Text:2. This is the first accounting period for Fiona Franklin
Financial Planning. The Temporary Equity
accounts have the following balances on June
30th:
Revenue $200,000
Withdrawals $40,000
Salary Expense $30,000
Utility Expense $1,000.
Required: Record the four closing journal
entries in the closing journal.
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