### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Balance: $23,8002. **Revenue Earned** - Balance: $44,0003. **Commission Expense** - Balance: $6,1004. **Supplies Expense** - Balance: $3,3005. **Wages Expense** - Balance: $32,0006. **Dividends** - Balance: $4,2007. **Retained Earnings** - Balance: $22,000**Instructions:**Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.**Journal Entries:**- **Entry A:** - [Dropdown Selection] - [Amount Box]- **Entry B:** - [Dropdown Selection] - [Amount Box]- **Entry C:** - [Dropdown Selection] - [Amount Box]- **Entry D:** - [Dropdown Selection] - [Amount Box] - Options: - Dividends - Income Summary - Retained Earnings - Revenue Earned - Wages Expense### Notes:- In closing the books, ensure that all revenue and expense accounts are transferred to the retained earnings or income summary as appropriate.- Dividends should be closed to retained earnings to reflect the distribution of earnings.- Use the dropdown options provided to accurately classify each entry.

Name: ### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Bala
Uploaded: 2024-03-04T10:43:15.000Z
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Description: ### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Balance: $23,8002. **Revenue Earned** - Balance: $44,0003. **Commission Expense** - Balance: $6,1004. **Supplies Expense** - Balance: $3,3005. **Wages Expense** - Balance: $32,

Closing Entries: It is also known as closing journal entries. it is prepared at the end of the accounting period to close temporary accounts. All the temporary accounts are closed and the balance is transferred to permanent accounts. Closing Entries set these accounts to zero, so they are ready to start fresh for the next accounting period. If the closing entries are not prepared, then it will reflect the balance for the past period too, which will give the wrong reflection. The concept is consistent with the matching principle. Transferring Temporary account balance to permanent account: The permanent balance accounts to which temporary accounts balances are transferred depends upon the type of business. In the case of a corporation, it is transferred to a retained earnings account. In the case of a sole proprietorship, it is transferred to the owners' capital account. Accounts to be closed in sequence: a. First close the Revenue accounts to the Income Summary Account. b. Then close all the expenses to the Income Summary Account. c. Then close the Income Summary Account to the Retained Earnings Account. d. Then close the Dividend or Withdrawals Account to the Retained Earnings Account. Based on this, let us prepare the closing journal entries for the given accounting period. The closing journal entries are recorded as under: Conclusion: To conclude, we have recorded all the closing journal entries for the given account period.

Business

Accounting

Use the following T-accounts: Cash Bal. 23,800 Revenue Earned Bal. 44,000 Commission Expense Bal. 6,100 Supplies Expense Bal. 3,300 Wages Expense Bal. 32,000 Dividends Bal. 4,200 Retained Earnings Bal. 22,000 Prepare 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. Dividends Income Summary Retained Earnings Revenue Earned Wages Expense II IIII II IO

Use the following T-accounts: Cash Bal. 23,800 Revenue Earned Bal. 44,000 Commission Expense Bal. 6,100 Supplies Expense Bal. 3,300 Wages Expense Bal. 32,000 Dividends Bal. 4,200 Retained Earnings Bal. 22,000 Prepare 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. Dividends Income Summary Retained Earnings Revenue Earned Wages Expense II IIII II IO

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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Please provide answer in text (Without image), every entry should have narration please
Subject: accounting
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
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Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.