PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expensesexceed revenue in this period. Make the four journal entries required to close the books:Accounts receivable$46,2005,800Prepaid insuranceLand12,00029,900Accounts payableNotes payable32,50055,400Retained earningsDividends8,000Fees earned revenue89,200Selling expenses62,00029,500Administrative expensesMiscellaneous expense4,140W(CF78ADIIF8(9DDF9)0F10|回 EF11+ 11RF12

Closing entries are the same as the journal entries. The only difference being that the closing…

PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable $46,200 5,800 Prepaid insurance Land 12,000 Accounts payable 29,900 Notes payable 32,500 Retained earnings 55,400 Dividends 8,000 Fees earned revenue 89,200 62,000 Selling expenses Administrative expenses Miscellaneous expense 29,500 4,140

PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable $46,200 5,800 Prepaid insurance Land 12,000 Accounts payable 29,900 Notes payable 32,500 Retained earnings 55,400 Dividends 8,000 Fees earned revenue 89,200 62,000 Selling expenses Administrative expenses Miscellaneous expense 29,500 4,140

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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