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. A. Income Summary 281,000 Service Revenue 281,000 B. Automobile Expense 16,600 Insurance Expense 25,000 Salaries Expense 195,000 Supplies Expense 18,900 Income Summary 255,500 C. Retained Earnings 266,000 Income Summary 266,000 D. Dividends 11,000 Retained Earnings 11,000 If an amount box does not require an entry, leave it blank.
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. A. Income Summary 281,000 Service Revenue 281,000 B. Automobile Expense 16,600 Insurance Expense 25,000 Salaries Expense 195,000 Supplies Expense 18,900 Income Summary 255,500 C. Retained Earnings 266,000 Income Summary 266,000 D. Dividends 11,000 Retained Earnings 11,000 If an amount box does not require an entry, leave it blank.
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
| A. | Income Summary | 281,000 | ||
| Service Revenue | 281,000 | |||
| B. | Automobile Expense | 16,600 | ||
| Insurance Expense | 25,000 | |||
| Salaries Expense | 195,000 | |||
| Supplies Expense | 18,900 | |||
| Income Summary | 255,500 | |||
| C. | 266,000 | |||
| Income Summary | 266,000 | |||
| D. | Dividends | 11,000 | ||
| Retained Earnings | 11,000 |
If an amount box does not require an entry, leave it blank.
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.
A.
Income Summary
281.000
Service Revenue
281,000
B. Automobile Expense
16,600
Insurance Expense
25,000
Salaries Expense
195,000
Supplies Expense
18,900
Income Summary
255,500
C.. Retained Earnings
266,000
Income Summary
266,000
D. Dividends
11,000
Retained Earnings
11,000
If an amount box does not require an entry, leave it blank.
A.
В.
C.
D.
II 1I1II II IO
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