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.) Date Accounts and Explanation Debit Credit Dec. 31 Income Summary $14,000 Salaries Expense $6.100 Rent Expense $4.500 Advertising Expense $3,400 To close Income Summary Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue Close Income Summary Date Accounts and Explanation Debit Credit Dec. 31 Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Thomas, Capital $3,900 Thomas, Withdrawals $3,900 Choose from any list or enter any number in the input fields and then continue to the next question.

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.) Date Accounts and Explanation Debit Credit Dec. 31 Income Summary $14,000 Salaries Expense $6.100 Rent Expense $4.500 Advertising Expense $3,400 To close Income Summary Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue Close Income Summary Date Accounts and Explanation Debit Credit Dec. 31 Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Thomas, Capital $3,900 Thomas, Withdrawals $3,900 Choose from any list or enter any number in the input fields and then continue to the next question.

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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