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
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Closing Journal Entries
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
Transcribed Image Text: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
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