Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services: Fees Earned $614,500 Dividends 45,000 Rent Expense 140,000 Retained Earnings 3,250,000 Supplies Expense 18,200 Wages Expense 320,000 Miscellaneous Expense 8,700 Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services: Fees Earned $614,500 Dividends 45,000 Rent Expense 140,000 Retained Earnings 3,250,000 Supplies Expense 18,200 Wages Expense 320,000 Miscellaneous Expense 8,700 Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services:
Fees Earned | $614,500 |
Dividends | 45,000 |
Rent Expense | 140,000 |
3,250,000 | |
Supplies Expense | 18,200 |
Wages Expense | 320,000 |
Miscellaneous Expense | 8,700 |
Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
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