Brett Taka Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $25,000; Salaries Expense, $7,200; Rent Expense, $3,800; Advertising Expense, $2,800; and Taka, Withdrawals, $8,900. Journalize the closing entries for Taka Enterprises. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31

Brett Taka Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $25,000; Salaries Expense, $7,200; Rent Expense, $3,800; Advertising Expense, $2,800; and Taka, Withdrawals, $8,900. Journalize the closing entries for Taka Enterprises. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 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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The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
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Brett Thomas Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $20,300; Salaries Expense, $6,100; Rent Expense, $4,500; Advertising Expense, $3,400; and Thomas, Withdrawals, $3,900. Journalize the closing entries for Thomas Enterprises. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec, 31 Close withdrawals.
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