Explanation Prepare the closing entry for closing the revenue account: Date Account title and explanation Debit ($) Credit ($) December 31, 2014 Repair revenue 12,810 Income summary 12,810 (To close the revenue account) Table (1) Prepare the closing entry for closing the expense account: Date Account title and explanation Debit ($) Credit ($) December 31, 2014 Income summary 7,915 Rent expense 600 Wages expense 4,055 Supplies expense 2,130 Insurance expense 458 Depreciation expense- Repair equipment 67...

12th Edition

ISBN: 9781133626985

Author: Belverd E. Needles, Marian Powers, Susan V. Crosson

Publisher: Cengage Learning

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Chapter 4, Problem 7EA

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Prepare the necessary closing entries.

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Prepare the necessary closing entries.

Solution Summary: The author explains how to prepare the necessary closing entries for the revenue account and the expense account.

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