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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Account Title
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Land
Building
Accumulated Depreciation-Building
Equipment
Accumulated Depreciation Equipment
Accounts Payable
Utilities Payable
Salaries Payable
Unearned Revenue
Common Stock
Retained Earnings
Dividends
Service Revenue
Insurance Expense
Salaries Expense
Supplies Expense
Utilities Expense
Depreciation Expense-Equipment
Depreciation Expense-Building
Total
$
Balance
Debit
18,000
2,500
750
2,400
45,000
128,000
42,000
24,000
$
Credit
8,000
17,000
4,500
675
2,900
900
103,000
93,450
120,000
32,000
29,000
1,400
20,000
5,000
375
$ 350,425 $ 350,425
Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Income Summary Clos. (3) Retained Earnings
To close Income Summary.

Transcribed Image Text: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
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