The ledger of Majestic Company includes the following accounts with normal balances as of December 31 : • Services Revenue $ 78,000 ; • Insurance Expense $ 16,800 ; • Supplies Expense $ 11,600 • Capital: $ 19,200 ; • Withdrawals: $ 6,200 . Prepare its December 31 closing entries .
The ledger of Majestic Company includes the following accounts with normal balances as of December 31 : • Services Revenue $ 78,000 ; • Insurance Expense $ 16,800 ; • Supplies Expense $ 11,600 • Capital: $ 19,200 ; • Withdrawals: $ 6,200 . Prepare its December 31 closing entries .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The ledger of Majestic Company includes the following accounts with normal balances as of December 31 :
• Services Revenue $ 78,000 ;
• Insurance Expense $ 16,800 ;
• Supplies Expense $ 11,600
• Capital: $ 19,200 ;
• Withdrawals: $ 6,200 .
Prepare its December 31 closing entries .
Please answer as the following example :
Transaction : FastForward pays $ 2,500 cash for supplies
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