After all adjustments have been made, but before the accounts have been closed, the following balances as of 12/31/22 were taken from the general ledger (listed in random order): Accounts Payable $ 40,000 Rent Expense $ 21,400 Accounts Receivable 54,500 Salary Expense 66,000 Accumulated Depreciation 83,325 Salaries Payable 150 Cash 7,150 Service Revenue 181,000 Depreciation Expense 23,500 Supplies 2,500 Equipment 155,000 Supplies Expense 5,500 Insurance Expense 8,600 Chuck Nevitt, Capital 100,950 Prepaid Insurance 5,275 Chuck Nevitt, Drawing 29,000 Journalize the 2 closing entries required to close the appropriate accounts (omit the 4th journalizing step of providing an explanation): JOURNAL Date Post. DR CR 12/31 12/31
After all adjustments have been made, but before the accounts have been closed, the following balances as of 12/31/22 were taken from the general ledger (listed in random order):
|
Accounts Payable |
$ 40,000 |
Rent Expense |
$ 21,400 |
|
|
54,500 |
Salary Expense |
66,000 |
|
|
83,325 |
Salaries Payable |
150 |
|
Cash |
7,150 |
Service Revenue |
181,000 |
|
Depreciation Expense |
23,500 |
Supplies |
2,500 |
|
Equipment |
155,000 |
Supplies Expense |
5,500 |
|
Insurance Expense |
8,600 |
Chuck Nevitt, Capital |
100,950 |
|
Prepaid Insurance |
5,275 |
Chuck Nevitt, Drawing |
29,000 |
Journalize the 2 closing entries required to close the appropriate accounts (omit the 4th journalizing step of providing an explanation):
|
JOURNAL
Date Post. DR CR |
||||
|
12/31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
