Clean Company offers laundry services to the residents of the community where it is located. After the books have been adjusted at June 30, the end of the fiscal year, the following accounts were taken from the company’s ledger: Eva Miranda, Capital Php 350,000 Eva Miranda, Drawing 60,000 Laundry Revenue 240,000 Rent Expense 72,000 Supplies Expense 24,000 Utilities Expense 42,000 Wages Expense 120,000 REQUIRED: Prepare the journal entries required to close the accounts. What is the ending balance of Eva Miranda, Capital after the closing entries were posted?
Clean Company offers laundry services to the residents of the community where it is located. After the books have been adjusted at June 30, the end of the fiscal year, the following accounts were taken from the company’s ledger: Eva Miranda, Capital Php 350,000 Eva Miranda, Drawing 60,000 Laundry Revenue 240,000 Rent Expense 72,000 Supplies Expense 24,000 Utilities Expense 42,000 Wages Expense 120,000 REQUIRED: Prepare the journal entries required to close the accounts. What is the ending balance of Eva Miranda, Capital after the closing entries were posted?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Clean Company offers laundry services to the residents of the community where it is located. After the books have been adjusted at June 30, the end of the fiscal year, the following accounts were taken from the company’s ledger:
|
Eva Miranda, Capital |
Php 350,000 |
|
Eva Miranda, Drawing |
60,000 |
|
Laundry Revenue |
240,000 |
|
Rent Expense |
72,000 |
|
Supplies Expense |
24,000 |
|
Utilities Expense |
42,000 |
|
Wages Expense |
120,000 |
REQUIRED:
- Prepare the
journal entries required to close the accounts. - What is the ending balance of Eva Miranda, Capital after the closing entries were posted?
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