Closing entriesAfter the accounts have been adjusted at November 30, the end of thefiscal year, the following balances were taken from the ledger ofDiamond Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $2,550,00025,0001,150,000613,750120,0009,15011,000 Journalize the two entries required to close the accounts.
Closing entriesAfter the accounts have been adjusted at November 30, the end of thefiscal year, the following balances were taken from the ledger ofDiamond Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $2,550,00025,0001,150,000613,750120,0009,15011,000 Journalize the two entries required to close the accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Closing entries
After the accounts have been adjusted at November 30, the end of the
fiscal year, the following balances were taken from the ledger of
Diamond Landscaping Co.:
| Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense |
$2,550,000 25,000 1,150,000 613,750 120,000 9,150 11,000 |
Journalize the two entries required to close the accounts.
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