PB2. LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journalentries required to close the books:Accounts receivable$33,200Prepaid insuranceLand6,00048,000Accounts payable27,050Notes payable65,800Retained earnings9,350Dividends2,200Fees earned revenue70,500Selling expenses41,770Administrative expenses22,400Miscellaneous expense1,835

A Journal entry is a primary entry that records the financial transactions initially. The…

Answered: PB2. LO 5.1 The following selected…

PB2. 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 Prepaid insurance $33,200

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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Question

PB2. 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
$33,200
Prepaid insurance
Land
6,000
48,000
Accounts payable
27,050
Notes payable
65,800
Retained earnings
9,350
Dividends
2,200
Fees earned revenue
70,500
Selling expenses
41,770
Administrative expenses
22,400
Miscellaneous expense
1,835

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