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Accounting
Supplies 2,870 1,640 Prepaid Insurance 4,490 3,040 Equipment 16,000 16,000 $ 3,600 $ Accumulated Depreciation-Equipment 4,800 Accounts Payable 5,310 5,310 Salaries and Wages Payable 1,540 Unearned Rent Revenue 2,090 1,190 Common Stock 18,940 18,940 Retained Earnings 5,510 5,510 Dividends 2,610 2,610 Service Revenue 34,730 35,360 Rent Revenue 13,210 14,110 Salaries and Wages Expense 16,430 17,970 Supplies Expense 1,230 Rent Expense 20,990 20,990

Supplies 2,870 1,640 Prepaid Insurance 4,490 3,040 Equipment 16,000 16,000 $ 3,600 $ Accumulated Depreciation-Equipment 4,800 Accounts Payable 5,310 5,310 Salaries and Wages Payable 1,540 Unearned Rent Revenue 2,090 1,190 Common Stock 18,940 18,940 Retained Earnings 5,510 5,510 Dividends 2,610 2,610 Service Revenue 34,730 35,360 Rent Revenue 13,210 14,110 Salaries and Wages Expense 16,430 17,970 Supplies Expense 1,230 Rent Expense 20,990 20,990

FINANCIAL ACCOUNTING
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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Prepare the closing entries for the temporary accounts at August 31. 

Before After Adjustment Adjustment Dr. Cr. Dr. Cr. $ Cash 11,130 11,130 Accounts Receivable 8,870 9,500 Supplies 2,870 1,640 Prepaid Insurance 4,490 3,040 Equipment 16,000 16,000 $ 3,600 $ 4,800 Accumulated Depreciation-Equipment Accounts Payable 5,310 5,310 Salaries and Wages Payable 1,540 Unearned Rent Revenue 2,090 1,190 Common Stock 18,940 18,940 Retained Earnings 5,510 5,510 Dividends 2,610 2,610 Service Revenue 34,730 35,360 Rent Revenue 13,210 14,110 Salaries and Wages Expense 16,430 17,970 Supplies Expense 1,230 Rent Expense 20,990 20,990 Insurance Expense 1,450 Depreciation Expense 1,200 $ $ 83,390 83,390 86,760 86,760
Transcribed Image Text:Before After Adjustment Adjustment Dr. Cr. Dr. Cr. $ Cash 11,130 11,130 Accounts Receivable 8,870 9,500 Supplies 2,870 1,640 Prepaid Insurance 4,490 3,040 Equipment 16,000 16,000 $ 3,600 $ 4,800 Accumulated Depreciation-Equipment Accounts Payable 5,310 5,310 Salaries and Wages Payable 1,540 Unearned Rent Revenue 2,090 1,190 Common Stock 18,940 18,940 Retained Earnings 5,510 5,510 Dividends 2,610 2,610 Service Revenue 34,730 35,360 Rent Revenue 13,210 14,110 Salaries and Wages Expense 16,430 17,970 Supplies Expense 1,230 Rent Expense 20,990 20,990 Insurance Expense 1,450 Depreciation Expense 1,200 $ $ 83,390 83,390 86,760 86,760
Date Account Titles and Explanation Debit Credit Aug. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) Aug. 31 (To close income / (loss)) Aug. 31 (To close dividends)
Transcribed Image Text:Date Account Titles and Explanation Debit Credit Aug. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) Aug. 31 (To close income / (loss)) Aug. 31 (To close dividends)
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