Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Knowledge Check 01
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;
Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue,
$56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.
Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and
credit columns.
View transaction list
Journal entry worksheet
1
The company's adjusted trial balance as follows includes the following
accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated
Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000;
Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense,
Note: Enter debits before credits.
Date
December
31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. View transaction list Journal entry worksheet 1 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner's Capital $59,000; Withdrawals, $2,000; Consulting Revenue, $56,000; Depreciation Expense, Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
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