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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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.
See attached.
![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
Debit
Credit
Commission Revenue
$26,620
Wages Expense
$9,110
Rent Expense
Supplies Expense
1,300
4,160
Insurance Expense
Depreciation Expense-Office Equipment
Total Expenses
915
1,345
16,830
$ 9,790
Net Income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc791b1f3-695b-46f1-acf9-666df8fb00d4%2Fb3a1d32a-18f4-45ab-8cf8-547a182f23ba%2Fzjd1jh_processed.png&w=3840&q=75)
Transcribed Image Text: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
Debit
Credit
Commission Revenue
$26,620
Wages Expense
$9,110
Rent Expense
Supplies Expense
1,300
4,160
Insurance Expense
Depreciation Expense-Office Equipment
Total Expenses
915
1,345
16,830
$ 9,790
Net Income
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