Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance. 20E 000
Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance. 20E 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance.
А.
Income Summary
285,000
Service Revenue
285,000
В.
Automobile Expense
16,700
Insurance Expense
29,000
Salaries Expense
195,000
Supplies Expense
18,600
Income Summary
259,300
C.
Retained Earnings
263,000
Income Summary
263,000
D.
Dividends
12,000
Retained Earnings
12,000
If an amount box does not require an entry, leave it blank.
А.
В.
C.
D.
Expert Solution
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Step 1
Closing Entries means journal entries made at the end of the accounting period to transfer balances from temporary accounts and to find out the result of operations for the year.
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