Akram Corporation has the following on a portion of its adjusted trial balance as of December 31, 2019: Account Debit Credit Rent Revenues $1,500 Repair Revenues $1,200 Maintenance Expense $1,100 Salaries Expense $700 Dividends $300 1. Prepare the journal entry to close rent revenues and repair revenues to income summary. 2. Prepare the journal entry to close maintenance expense and salaries expense to income summary.
Akram Corporation has the following on a portion of its adjusted trial balance as of December 31, 2019: Account Debit Credit Rent Revenues $1,500 Repair Revenues $1,200 Maintenance Expense $1,100 Salaries Expense $700 Dividends $300 1. Prepare the journal entry to close rent revenues and repair revenues to income summary. 2. Prepare the journal entry to close maintenance expense and salaries expense to income summary.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Akram Corporation has the following on a portion of its adjusted trial balance as of December 31, 2019:
Account Debit Credit
Rent Revenues $1,500
Repair Revenues $1,200
Maintenance Expense $1,100
Salaries Expense $700
Dividends $300
1. Prepare the journal entry to close rent revenues and repair revenues to income summary.
2. Prepare the journal entry to close maintenance expense and salaries expense to income summary.
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