Journalize the closing entries necessary to close out all the temporary accounts. After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of ReapBusiness Inc.James Reap, CapitalJames Reap, Drawing$800,000125,000Fees earned750,000Wages expense400,000Rent expense75,000Miscellaneous expense5,000Journalize the closing entries necessary to close out all temporary accounts. Not all lines may be used.DATEDebitCredit10/3110/31

Closing entries are those entries which aim at transferring the temporary accounts to permanent…

After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital $800,000 James Reap, Drawing 125,000 Fees earned 750,000 Wages expense 400,000 Rent expense 75,000 Miscellaneous expense 5,000 Journalize the closing entries necessary to close out all temporary accounts. Not all lines may be used. DATE Debit Credit 10/31 10/31

After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital $800,000 James Reap, Drawing 125,000 Fees earned 750,000 Wages expense 400,000 Rent expense 75,000 Miscellaneous expense 5,000 Journalize the closing entries necessary to close out all temporary accounts. Not all lines may be used. DATE Debit Credit 10/31 10/31

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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can you provide me the listing and examples of the closing entries
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