1. Explanation Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the period, to transfer the final balance. Closing entry of Revenue accounts: Services revenue is a revenue account, and it is decreased. Therefore, debit Services revenue account. Retained earnings are the component of Stockholders’ Equity , and they are increased... 2. To determine To Prepare: A post-closing trial balance .

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ISBN: 9781259934773

Author: SPICELAND

Publisher: MCG

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Chapter 3, Problem 3.19E

To determine

To Record: The necessary closing entries at December 31, 2018.

To determine

To Prepare: A post-closing trial balance.

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Chapter 3, Problem 3.18E

Chapter 3, Problem 3.20E

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Chapter 3 Solutions

FINANCIAL ACCOUNTINGLL W/CONNECT >IC<

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To Record: The necessary closing entries at December 31, 2018.

Solution Summary: The author explains how a post-closing trial balance is prepared to prove that the balance of the permanent accounts is equal.

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To Record: The necessary closing entries at December 31, 2018.

To Prepare: A post-closing trial balance.

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Chapter 3 Solutions