Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used. Salaries Expenses $66,000Utilities Expenses $10,000Depreciation Expense $8,000Owner’s drawings $10,000Owner’s capital $88,000Service revenue $107,000 Based on the above information, provide the closing entries.

Name: Warm-heart company has the below information in its Income Statement a
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used. Salaries Expenses $66,000Utilities Expenses $

A closing entry can be defined as a journal entry that shifts the balance of the temporary accounts…

Answered: Warm-heart company has the below…

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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Warm-heart company has the below information in its Income Statement at the end of the year 2020. For recording the closing entries, Income Summary account is corrected and used.

Salaries Expenses $66,000
Utilities Expenses $10,000
Depreciation Expense $8,000
Owner’s drawings $10,000
Owner’s capital $88,000
Service revenue $107,000

Based on the above information, provide the closing entries.

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