I need help recording the transactions for this month into closing entries. The table I need to put them into is on the blank table entry image as well as below.  Trans. Cash A/R Supplies Equip A/D Equip A/P Pay Rev. N/P Stock R/E Revenue Expense Expense Expense Expenses Expense Expense   Beg. Bal.        5,000        2,000           100        8,000      (3,000)        1,000                -                -          8,000        3,100              -                -                -                -                -                -                -     1                                       2                                       3                                       4                                       5                                       6                                       7                                       8                                       9                                       10                                       11                                       12                                       13                                       14                                       Closing                                       End Bal        5,000        2,000           100        8,000      (3,000)        1,000              -                -                -          8,000        3,100              -                -                -                -                -                -                -                                                T O T A L S                                       Assets       12,100                                                                              Liabiities         1,000                                      Equity       11,100                                      Net Income               -                                        Total       12,100

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I need help recording the transactions for this month into closing entries. The table I need to put them into is on the blank table entry image as well as below. 

Trans. Cash A/R Supplies Equip A/D Equip A/P Pay Rev. N/P Stock R/E Revenue Expense Expense Expense Expenses Expense Expense  
Beg. Bal.        5,000        2,000           100        8,000      (3,000)        1,000                -                -          8,000        3,100              -                -                -                -                -                -                -    
1                                      
2                                      
3                                      
4                                      
5                                      
6                                      
7                                      
8                                      
9                                      
10                                      
11                                      
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13                                      
14                                      
Closing                                      
End Bal        5,000        2,000           100        8,000      (3,000)        1,000              -                -                -          8,000        3,100              -                -                -                -                -                -                -    
                                       
   T O T A L S                                   
   Assets       12,100                                  
                                       
   Liabiities         1,000                                  
   Equity       11,100                                  
   Net Income               -                                    
   Total       12,100                                  
                                       
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Transcribed Image Text:AutoSave Off J28 Course: MBA603A231 Advanced X M Inbox (714) - winfies992@lynchbu X A B с D 31 Prepare the necessary closing entries 32 33 34 Trans. 35 Beg. Bal. 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Closing 51 End Bal 52 53 54 MBA 603 Assignment 2- Protected View Formulas Data Review View Help File Home Insert Draw Page Layout PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. 55 56 57 58 59 60 61 62 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Cash 5,000 5,000 TOTALS Assets Liabiities Equity Net Incon Total 2,000 12,100 1,000 11,100 fx 12,100 A/R Supplies Equip A/D Equip A/P 100 2,000 8,000 (3,000) 1,000 Type here to search ▼ E 100 F 8,000 (3,000) G O 1,000 b My Questions | bartleby I H Interest Unearned Pay Rev. My Qu... X Search (Alt+Q) N/P K Common Stock 8,000 + 8,000 L 3,100 Enable Editing Spotify M N Monthl... O P Salary Rent Supplies Office Interest Depr. R/E Revenue Expense Expense Expense Expenses Expense Expense 3,100 Balanc... MBA 6... R W Skyler Winfield SW S 602 Fin... W Docum... T 58°F U F Comments V I EPIC Share ✔ W X 10:12 PM 10/5/2022 x
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Record the following transactions for the month of June, 2022, in the matrix below, for General Ledger CPA, a small CPA firm.
6 Account balances as of June 1, 2011 are shown on the matrix.
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11 Accrued interest for the month of June on the construction loan.
12 Recorded deprecation of $1,000 on office equipment
13 Performed $1,000 worth of work for the attorney in transaction 10 above
14 Office supplies on hand at the end of the month were worth $200
1 Borrowed $400,000 from the bank for a construction loan (N/P). The money will be used to build an office
building. Interest on the loan is 12% per year or 1% per month. The loan will be converted into a
mortage when construction is complete. The firm expenses all interest payments.
2 Billed clients $22,000 for work performed during the month
3 Collected $18,000 from clients on account.
4 Paid salary expense of $4,000.
5 Paid office rental expense of $1,000
6 Purchased office supplies (an assset) for $500 in cash
7 Purchased a new computer for the office on account for $2,000
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8 Recevied the telephone bill, $300, which will be paid in July.
9 Paid the utility bill, $100.
10 Recevied a $3,000 payment from an attorney as a retainer for work to be performed in the future. Cash
receipt was recorded as a liability.
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Transcribed Image Text:AutoSave J28 Off A MBA 603 00 AutoSave Off 17 Formulas Data Review View Help File Home Insert Draw Page Layout PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. B X с 8 Summary Transactions 9 10 11 fx 12 13 14 15 16 17 18 19 20 21 22 23 24 Month-end Adjusting Entries 25 26 27 28 D ▼ Document1 - AutoRecovered - Compatibility Mode ✓ E Type here to search 29 30 31 Prepare the necessary closing entries 32 MBA 603 Assignment 2- Protected View F G H 1 2 3 Worksheet II 4 5 Record the following transactions for the month of June, 2022, in the matrix below, for General Ledger CPA, a small CPA firm. 6 Account balances as of June 1, 2011 are shown on the matrix. 7 11 Accrued interest for the month of June on the construction loan. 12 Recorded deprecation of $1,000 on office equipment 13 Performed $1,000 worth of work for the attorney in transaction 10 above 14 Office supplies on hand at the end of the month were worth $200 1 Borrowed $400,000 from the bank for a construction loan (N/P). The money will be used to build an office building. Interest on the loan is 12% per year or 1% per month. The loan will be converted into a mortage when construction is complete. The firm expenses all interest payments. 2 Billed clients $22,000 for work performed during the month 3 Collected $18,000 from clients on account. 4 Paid salary expense of $4,000. 5 Paid office rental expense of $1,000 6 Purchased office supplies (an assset) for $500 in cash 7 Purchased a new computer for the office on account for $2,000 O O Search (Alt+Q) I 8 Recevied the telephone bill, $300, which will be paid in July. 9 Paid the utility bill, $100. 10 Recevied a $3,000 payment from an attorney as a retainer for work to be performed in the future. Cash receipt was recorded as a liability. 밥 Search (Alt+Q) My Qu... K L Spotify Enable Editing M Monthl... N O Balanc... P MBA 6... W 602 Fin... R W Skyler Winfield SW Skyler Winfield SW S Docum... T 58°F U Comments V I EPIC Share ✔ W X 10:11 PM 10/5/2022 x
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Closing entries refers to those entries which are recorded at the end of the accounting period. The main reason behind recording the closing entries is to close all the temporary accounts and transfer the balances of those accounts to permanent accounts.

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