After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Pioneer Delivery Services Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable EQUITY 31 Kerry Buckner, Capital 32 Kerry Buckner, Drawing 33 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 54 Supplies Expense 59 Miscellaneous Expense Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9

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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Question

After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.:

Kerry Buckner, Capital	$3,513,000
Kerry Buckner, Drawing	42,500
Fees Earned	1,324,000
Wages Expense	749,100
Rent Expense	68,800
Supplies Expense	14,600
Miscellaneous Expense	7,350