E1B. Premium Realty Company's income statement accounts at the end of its fiscal year follow. Prepare the required closing entries. Lawrence James is the owner. Account Name Deblt Credit Commission Revenue $26,620 Wages Expense $9,110 Rent Expense 1,300 Supplies Expense 4,160 Insurance Expense 915 Depreciation Expense-Office Equipment 1,345 Total Expenses 16,830 $ 9,790 Net Income

E1B. Premium Realty Company's income statement accounts at the end of its fiscal year follow. Prepare the required closing entries. Lawrence James is the owner. Account Name Deblt Credit Commission Revenue $26,620 Wages Expense $9,110 Rent Expense 1,300 Supplies Expense 4,160 Insurance Expense 915 Depreciation Expense-Office Equipment 1,345 Total Expenses 16,830 $ 9,790 Net Income

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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