Roscoe has attempted to prepare the closing entries for Chandler Company on the *Roscoe's Journal* panel. He’s not sure if he’s entered the journal entries correctly and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles.*Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.* **Roscoe's Journal**---**Journal Entries****Page 25**- **Date:** Dec. 31 **Description:** Closing Entries | **Description** | **Debit** | **Credit** | |----------------------------------------|---------------|---------------| | Roscoe Chandler, Capital | 451,600.00 | | | Fees Earned | | 165,600.00 | | Rent Revenue | | 92,000.00 | | Interest Revenue | | 17,200.00 | | Salaries Expense | 71,000.00 | | | Selling Expense | 25,600.00 | | | Income Taxes Expense | 15,000.00 | | | Depreciation Expense-Equipment | 47,200.00 | | | Insurance Expense | 17,000.00 | | | Miscellaneous Expense | 1,000.00 | | - **Date:** Dec. 31 **Description:** Additional Entries | **Description** | **Debit** | **Credit** | |----------------------------------------|---------------|---------------| | Roscoe Chandler, Capital | | | | Roscoe Chandler, Drawing | 5,000.00 | 5,000.00 |**Accounting Equation Changes:**- **Assets:** ↓ (Decrease)- **Liabilities:** ↑ (Increase)- **Equity:** ↑ (Increase)This journal includes entries summarizing Roscoe Chandler's financial activities, such as revenue from fees, rent, and interest, along with various expenses. The closing entries show the allocation of capital and drawing amounts, impacting the overall accounting equation.

Roscoe has prepared two entries. If the Entry is closing entries after preparation of Profit and…

Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.

Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.

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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