LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250 Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense

LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250 Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense

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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