On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the two closing entries.Banes Domino's CorporationAdjusted Trial BalanceMarch 31 DebitCreditCash30,000 Accounts Receivable45,200 Supplies5,000 Equipment169,900 Accumulated Depreciation 32,000Accounts Payable 12,500Common Stock 51,600Retained Earnings 20,000Dividends47,000 Fees Earned 510,000Salary Expense244,500 Rent Expense48,000 Depreciation Expense25,000 Supplies Expense9,500 Miscellaneous Expense2,000 626,100626,100If an amount box does not require an entry, leave it blank.Mar. 31 - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select -Mar. 31 - Select -- Select - - Select -- Select -

Journal entries are recorded in the book of journal. Adjusting journal entries are the closing…

Answered: On the basis of the following data…

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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On the basis of the following data taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for the year ended March 31 for Banes Domino's Corporation, journalize the two closing entries.

Banes Domino's Corporation
Adjusted Trial Balance
March 31
	Debit	Credit
Cash	30,000
Accounts Receivable	45,200
Supplies	5,000
Equipment	169,900
Accumulated Depreciation		32,000
Accounts Payable		12,500
Common Stock		51,600
Retained Earnings		20,000
Dividends	47,000
Fees Earned		510,000
Salary Expense	244,500
Rent Expense	48,000
Depreciation Expense	25,000
Supplies Expense	9,500
Miscellaneous Expense	2,000
	626,100	626,100

If an amount box does not require an entry, leave it blank.

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