QUESTION 7: CLOSING ENTRIESBefore closing journal entries, Entity T had the following balances at December31, 20x1:Sales revenue$65,000Cost of goods soldSalaries expense40,0005,000Rent expense3,000Other expenses2,000Retained earnings before closing21,000(1) Prepare journal entries to close revenue and expense accounts.

Closing entries are entries that are passed at the end of the year to close out revenue accounts and…

QUESTION 7: CLOSING ENTRIES Before closing journal entries, Entity T had the following balances at December 31, 20x1: $65,000 40,000 Sales revenue Cost of goods sold Salaries expense 5,000 Rent expense Other expenses Retained earnings before closing 3,000 2,000 21,000 (1) Prepare journal entries to close revenue and expense accounts.

QUESTION 7: CLOSING ENTRIES Before closing journal entries, Entity T had the following balances at December 31, 20x1: $65,000 40,000 Sales revenue Cost of goods sold Salaries expense 5,000 Rent expense Other expenses Retained earnings before closing 3,000 2,000 21,000 (1) Prepare journal entries to close revenue and expense accounts.

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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