From the partial​ worksheet, journalize the closing entries for December 31 for A. Slow Co. Start by journalizing the closing entry for revenues. (See attached images for clearer info)   Journal Entry Date Accounts PR Dr. Cr. Dec. 31                                             Journalize the closing entry for the expense and​ contra-revenue accounts.   Journal Entry Date Accounts PR Dr. Cr. Dec. 31                                                                                                                                             Journalize the closing entry for the Income Summary account.   Journal Entry Date Accounts PR Dr. Cr. Dec. 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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From the partial​ worksheet, journalize the closing entries for December 31 for A. Slow Co.

Start by journalizing the closing entry for revenues. (See attached images for clearer info)
 
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Journalize the closing entry for the expense and​ contra-revenue accounts.
 
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Journalize the closing entry for the Income Summary account.
 
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co.
E (Click the icon to view the completed worksheet.)
(Record debits first, then credits. Exclude explanations from journal entries.)
A Data Table
- X
Start by journalizing the closing entry for revenues.
Journal Entry
Date
Асcounts
PR
Dr.
Cr.
A. Slow Co.
Dec.
31||
Partial Worksheet
For the Year Ended December 31, 2019
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Cash
203
Journalize the closing entry for the expense and contra-revenue accounts.
Merchandise Inventory
575
Journal Entry
Prepaid Advertising
680
Date
Accounts
PR
Dr.
Cr.
Prepaid Insurance
360
Dec.
31
Office Equipment
1,980
Accum. Dep'n., Office Equip.
360
Accounts Payable
548
A Slow, Capital
1,366
Sales
7,720
Sales Returns and Allowances
364
Sales Discounts
277
Cost of Goods Sold
3,142
Salaries Expense
1,576
Insurance Expense
578
Utilities Expense
135
Plumbing Expense
88
Journalize the closing entry for the Income Summary account.
Advertising Expense
56
Dep'n. Expense, Office Equip.
65
Journal Entry
85
Salaries Payable
Date
Accounts
PR
Dr.
Cr.
6,281
7,720
3,798
2,359
Dec.
31
1,439
1.439
Net Income
7,720
7,720
3,798
3,798
Print
Done
Choss s from opy lit or onter
ber in the input fielde ond then sentinue to the Roxt ausetion
Transcribed Image Text:From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co. E (Click the icon to view the completed worksheet.) (Record debits first, then credits. Exclude explanations from journal entries.) A Data Table - X Start by journalizing the closing entry for revenues. Journal Entry Date Асcounts PR Dr. Cr. A. Slow Co. Dec. 31|| Partial Worksheet For the Year Ended December 31, 2019 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Cash 203 Journalize the closing entry for the expense and contra-revenue accounts. Merchandise Inventory 575 Journal Entry Prepaid Advertising 680 Date Accounts PR Dr. Cr. Prepaid Insurance 360 Dec. 31 Office Equipment 1,980 Accum. Dep'n., Office Equip. 360 Accounts Payable 548 A Slow, Capital 1,366 Sales 7,720 Sales Returns and Allowances 364 Sales Discounts 277 Cost of Goods Sold 3,142 Salaries Expense 1,576 Insurance Expense 578 Utilities Expense 135 Plumbing Expense 88 Journalize the closing entry for the Income Summary account. Advertising Expense 56 Dep'n. Expense, Office Equip. 65 Journal Entry 85 Salaries Payable Date Accounts PR Dr. Cr. 6,281 7,720 3,798 2,359 Dec. 31 1,439 1.439 Net Income 7,720 7,720 3,798 3,798 Print Done Choss s from opy lit or onter ber in the input fielde ond then sentinue to the Roxt ausetion
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