From the general journal below prepare the closing ledger accounts and their balances, the Income summary, and retained earning account. Interactive Consulting LtdGeneral Journal (Closing entries) for the month of September 2020DateDetailsDr $Cr $ Fees Earned10,100 Income summary 10,100 To close all revenue accounts Income summary3,045 Salary Expense 920 Rent expense 800 Supplies Expense 750 Insurance Expense 125 Utilities expense 330 Advertising expense 130 To close all expense accounts Income Summary7,055 Retained Earnings 7,055 To close the IS account & transfer NI

The closing entries are made to close the accounts of revenue and expenses which can not be…

Answered: From the general journal below prepare…

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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From the general journal below prepare the closing ledger accounts and their balances, the Income summary, and retained earning account.


Interactive Consulting Ltd
General Journal (Closing entries) for the month of September 2020
Date	Details	Dr $	Cr $
	Fees Earned	10,100
	Income summary		10,100
	To close all revenue accounts
	Income summary	3,045
	Salary Expense		920
	Rent expense		800
	Supplies Expense		750
	Insurance Expense		125
	Utilities expense		330
	Advertising expense		130
	To close all expense accounts

	Income Summary	7,055
	Retained Earnings		7,055
	To close the IS account & transfer NI

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