Do not give answer in image The ledger of Ivanhoe Corporation has the following account balances at the company's first year end of October 31, 2025.Accounts payableAccounts receivableAccumulated depreciation-equipmentBank loan payableCashCommon sharesDeferred revenue.Depreciation expenseDividends declaredEquipmentInterest expense$3,4604,5805,3707,50016,33022,2002,940 Supplies1,790200Interest payablePrepaid rentRent expenseSalaries expenseSalaries payableService revenue17,900480Supplies expenseUtilities expense$1903,0607406,5001,39011,7502,190620410 Prepare the closing entries at October 31, 2025. (Credit account titles are automatically indented when amount is entered. Do notindent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Date Account Titles and ExplanationOct. 31Oct. 31(To close revenue account)Debit00000Credit00000

Lets understand the basics.Closing entries are passed to closing revenue and expense account. All of…

Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares Deferred revenue Depreciation expense Dividends declared $3,460 4,580 5,370 7,500 16,330 22,200 2,940 1,790 200 Interest payable Prepaid rent Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense Utilities expense $190 3,060 740 6,500 1,390 11,750 2,190 620 410

Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares Deferred revenue Depreciation expense Dividends declared $3,460 4,580 5,370 7,500 16,330 22,200 2,940 1,790 200 Interest payable Prepaid rent Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense Utilities expense $190 3,060 740 6,500 1,390 11,750 2,190 620 410

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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