Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries
Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section21.1: Accruals
Problem 1OYO
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![Instructions
Journal
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end
of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal
explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Violet Lozano, Capital
$860,000
Violet Lozano, Drawing
12,000
PAGE 11
Fees Earned
704,100
JOURNAL
ACCOUNTING EQUATION
Wages Expense
486,000
Rent Expense
65,500
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Closing Entries
Supplies Expense
11,200
2
Miscellaneous Expense
14,400
3
Required:
Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW
5
journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will
6
automatically indent a credit entry when a credit amount is entered.
7
Chart of Accounts
CHART OF ACCOUNTS
Creative Images Co.
General Ledger
ASSETS
REVENUE
11 Cash
41 Fees Earned
12 Accounts Receivable
13 Prepaid Rent
EXPENSES
14 Supplies
51 Wages Expense
52 Rent Expense
LIABILITIES
53 Supplies Expense
21 Accounts Payable
54 Miscellaneous Expense
22 Wages Payable
23 Unearned Fees
EQUITY
31 Violet Lozano, Capital
32 Violet Lozano, Drawing](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e281a56-72cc-46d8-9143-bb4dda6b993a%2F56006884-61ad-42dd-a151-38730e7b9bb0%2Fvnpnd6f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Instructions
Journal
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end
of the fiscal year, the following balances were taken from the ledger of Creative Images Co.:
Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal
explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Violet Lozano, Capital
$860,000
Violet Lozano, Drawing
12,000
PAGE 11
Fees Earned
704,100
JOURNAL
ACCOUNTING EQUATION
Wages Expense
486,000
Rent Expense
65,500
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Closing Entries
Supplies Expense
11,200
2
Miscellaneous Expense
14,400
3
Required:
Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW
5
journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will
6
automatically indent a credit entry when a credit amount is entered.
7
Chart of Accounts
CHART OF ACCOUNTS
Creative Images Co.
General Ledger
ASSETS
REVENUE
11 Cash
41 Fees Earned
12 Accounts Receivable
13 Prepaid Rent
EXPENSES
14 Supplies
51 Wages Expense
52 Rent Expense
LIABILITIES
53 Supplies Expense
21 Accounts Payable
54 Miscellaneous Expense
22 Wages Payable
23 Unearned Fees
EQUITY
31 Violet Lozano, Capital
32 Violet Lozano, Drawing
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