Brett Tamas Enterprises had the following accounts and normal balances listed on its adjusted trial balance: Service Revenue, $20,000; Salaries Expense, $6,000; Rent Expense, $3,600; Advertising Expense, $3,100; Dividends, $5,200. Journalize the closing entries for Tamas Enterprises. Record debits first, then credits. Enter an explanation for each. 1. Close revenues 2. Close all the expense accounts for the period 3. Close income Summary 4. Close dividends
Brett Tamas Enterprises had the following accounts and normal balances listed on its adjusted trial balance: Service Revenue, $20,000; Salaries Expense, $6,000; Rent Expense, $3,600; Advertising Expense, $3,100; Dividends, $5,200. Journalize the closing entries for Tamas Enterprises. Record debits first, then credits. Enter an explanation for each. 1. Close revenues 2. Close all the expense accounts for the period 3. Close income Summary 4. Close dividends
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brett Tamas Enterprises had the following
accounts and normal balances listed on its
adjusted trial balance: Service Revenue, $20,000;
Salaries Expense, $6,000; Rent Expense, $3,600;
Advertising Expense, $3,100; Dividends, $5,200.
Journalize
the closing entries for Tamas
Enterprises. Record debits first, then credits. Enter
an explanation for each.
1. Close revenues
2. Close all the expense accounts for the period
3. Close income Summary
4. Close dividends
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