33. 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 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 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
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33. 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 7,000
Insurance expense 350
Utilities expense 75
Supplies expense 500
Supplies payable 400
Salaries payable 300
Depreciation expense 425
Prepare all the necessary closing entries for this company.
Your answer
Transcribed Image Text:33. 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 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 425 Prepare all the necessary closing entries for this company. Your answer
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