The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.Accounts receivable$47,000Prepaid insurance6,200Land15,000Accounts payable34,900Notes payable33,500Retained earnings59,400Dividends12,000Fees earned revenue94,200Selling expenses66,000Administrative expenses34,500Miscellaneous expense4,440Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank. The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.Accounts receivable$47,000Prepaid insurance6,200Land15,000Accounts payable34,900Notes payable33,500Retained earnings59,400Dividends12,000Fees earned revenue94,200Selling expenses66,000Administrative expenses34,500Miscellaneous expense4,440Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.А.В.С.D.B.

Closing Entry: Closing entries are passed at the end of accounting period to close the balances of ledger . Closing entries are passed to close the revenue earned and expenses incurred account to the company's capital account.No. Accounts Debit Credit A. Fees earned revenue $94,200 Income summary $94,200 B. Income summary 104,940 Selling expenses 66,000 Administrative expenses 34,500 Miscellaneous expense 4,440 C. Retained earnings (104,940 - 94,200) 10,740 Income summary 10,740 D. Retained earnings 12,000 Dividends 12,000

Answered: The following selected accounts and…

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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The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.

Accounts receivable	$47,000
Prepaid insurance	6,200
Land	15,000
Accounts payable	34,900
Notes payable	33,500
Retained earnings	59,400
Dividends	12,000
Fees earned revenue	94,200
Selling expenses	66,000
Administrative expenses	34,500
Miscellaneous expense	4,440

Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.

The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.
Accounts receivable
$47,000
Prepaid insurance
6,200
Land
15,000
Accounts payable
34,900
Notes payable
33,500
Retained earnings
59,400
Dividends
12,000
Fees earned revenue
94,200
Selling expenses
66,000
Administrative expenses
34,500
Miscellaneous expense
4,440
Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.
А.
В.
С.
D.
B.

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