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Question 14 of 14 (b) Your answer is correct. Dec. 31 < Dec. 31 Prepare the closing entries. L. Oriole did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Dec. 31 Service Revenue Dec. 31 Account Titles and Explanation Income Summary (To close revenue account) Income Summary Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilitles Expense (To close expense accounts) Income Summary Owner's Capital (To close net income / (loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 60500 38000 O NOU 22500 11000 22.38/30 E !!! Credit 60500 1700 2900 2000 29900 1500 22500 11000

Question 14 of 14 (b) Your answer is correct. Dec. 31 < Dec. 31 Prepare the closing entries. L. Oriole did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Dec. 31 Service Revenue Dec. 31 Account Titles and Explanation Income Summary (To close revenue account) Income Summary Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilitles Expense (To close expense accounts) Income Summary Owner's Capital (To close net income / (loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 60500 38000 O NOU 22500 11000 22.38/30 E !!! Credit 60500 1700 2900 2000 29900 1500 22500 11000

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.15C
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The completed financial statement columns of the spreadsheet for Oriole Company are shown as follows: The completed financial statement columns of the worksheet for Oriole Company are shown as follows:

Oriole Company Worksheet

For the Year Ended December 31, 2022

Income Statement Balance Sheet Account Account Titles Dr. Cr. Dr. Cr.

No. 101 Cash 9,100 112

Accounts Receivable 11,000

130 Prepaid Insurance 2,800

157 Equipment 24,300

158 Accumulated Depreciation-Equip. 4,500

201 Accounts Payable 9,200

212 Salaries and Wages Payable 2,500

301 Owner's Capital 19,500

306 Owner's Drawings 11,000

400 Service Revenue 60,500

622 Maintenance and Repairs Expense 1,700

711 Depreciation Expense 2,900

722 Insurance Expense 2,000

726 Salaries and Wages Expense 29,900

732 Utilities Expense 1,500

Totals 38,000 60,500 58,200 35,700

22,500 22,500

Net Income 60,500 60,500 58,200 58,200

Question 14 of 14 Your answer is correct. Date Account Titles and Explanation Dec. 31 < Prepare the closing entries. L. Oriole did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Dec. 31 Dec. 31 Dec. 31 Service Revenue Income Summary (To close revenue account) Income Summary Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salarles and Wages Expense Utilitles Expense (To close expense accounts) Income Summary Owner's Capital (To close net income / (loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 60500 38000 22.38/30 22500 11000 E Credit [ TOT JA 60500 1700 2900 2000 29900 1500 22500 11000
Transcribed Image Text:Question 14 of 14 Your answer is correct. Date Account Titles and Explanation Dec. 31 < Prepare the closing entries. L. Oriole did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Dec. 31 Dec. 31 Dec. 31 Service Revenue Income Summary (To close revenue account) Income Summary Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salarles and Wages Expense Utilitles Expense (To close expense accounts) Income Summary Owner's Capital (To close net income / (loss)) Owner's Capital Owner's Drawings (To close drawings) Debit 60500 38000 22.38/30 22500 11000 E Credit [ TOT JA 60500 1700 2900 2000 29900 1500 22500 11000
12/31 12/31 Bal. 12/31 12/31 12/31 12/31 12/31 12/31 11000 31000 11000 Owner's Drawings 60500 12/31 Income Summary 12/31 Service Revenue 1700 12/31 2900 Maintenance and Repairs Expense 2000 12/31 Depreciation Expense 12/31 12/31 Insurance Expense 12/31 Salaries and Wages Expense 29900 Utilities Expense 12/31 19500 22500 No. 306 11000 No. 350 No. 400 60500 No. 622 1700 No. 711 2900 No. 722 2000 No. 726 29900 No. 732
Transcribed Image Text:12/31 12/31 Bal. 12/31 12/31 12/31 12/31 12/31 12/31 11000 31000 11000 Owner's Drawings 60500 12/31 Income Summary 12/31 Service Revenue 1700 12/31 2900 Maintenance and Repairs Expense 2000 12/31 Depreciation Expense 12/31 12/31 Insurance Expense 12/31 Salaries and Wages Expense 29900 Utilities Expense 12/31 19500 22500 No. 306 11000 No. 350 No. 400 60500 No. 622 1700 No. 711 2900 No. 722 2000 No. 726 29900 No. 732
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