Given the following information you are told to prepare closing journal entries for PANDA Memorable Events for the year ended October 31, 2020: ( Show T- Accounts for Revenue and Expense Summary, Drawings and Capital ). Pando, Capital P 560,000 Pando, Personal 104,000 Accounts Receivable 72,000 Notes Receivable 39,200 Consultancy Fees 828,000 Salaries and Wages 158,400 Rent Expense 288,000 Utilities Expense 139,968 Supplies Expense 54,980 Interest Expense 28,800

Given the following information you are told to prepare closing journal entries for PANDA Memorable Events for the year ended October 31, 2020: ( Show T- Accounts for Revenue and Expense Summary, Drawings and Capital ). Pando, Capital P 560,000 Pando, Personal 104,000 Accounts Receivable 72,000 Notes Receivable 39,200 Consultancy Fees 828,000 Salaries and Wages 158,400 Rent Expense 288,000 Utilities Expense 139,968 Supplies Expense 54,980 Interest Expense 28,800

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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Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizing
Discuss the types of books of original entry. Describe how the accounting information flow from the invoice,ledger and to general ledger. Explain the importance of the books of original entry.
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Date General Account Titles and Explanations Ref. Debit Credit
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