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 Summary285,000Service Revenue285,000В.Automobile Expense16,700Insurance Expense29,000Salaries Expense195,000Supplies Expense18,600Income Summary259,300C.Retained Earnings263,000Income Summary263,000D.Dividends12,000Retained Earnings12,000If an amount box does not require an entry, leave it blank.А.В.C.D.

Answered: Correct any obvious errors in the…

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

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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Question

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

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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