Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained EarningsDividendsService RevenueInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseDepreciation Expense-EquipmentDepreciation Expense-BuildingTotal$BalanceDebit18,0002,5007502,40045,000128,00042,00024,000$Credit8,00017,0004,5006752,900900103,00093,450120,00032,00029,0001,40020,0005,000375$ 350,425 $ 350,425Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Income Summary Clos. (3) Retained EarningsTo close Income Summary. Close expenses for the period.DateDec. 31Clos. (2)DateDec. 31Clos. (3)Accounts and ExplanationIncome SummaryInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseClose Income Summary.Depreciation Expense-EquipmentDepreciation Expense-BuildingTo close expenses.Accounts and ExplanationIncome SummaryRetained EarningsTo close Income Summary.Debit87,775DebitCredit32,00029,0001,40020,0005,000375Credit

Name: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceL
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Description: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained Earning

The journal entries are prepared to keep the record of day to day transactions of the business on…

Business

Accounting

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

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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