Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)

12th Edition

ISBN: 9780134642949

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 4, Problem S4.11SE

Posting closing entries directly to T−accounts

Learning Objective 3

The following balances appear on the books of Sarah Simmons Enterprises: Simmons, Capital, $29,600; Simmons, Withdrawals $10,500; Income Summary, S0; Service Revenue, S24,500; Salaries Expense, $6,200; Rent Expense, $3,500; and Advertising Expenses, $2,000. All accounts have normal balances.

Requirements

Open a T-account for each account, and insert its adjusted balance as given (denote as Adj. Bal.) at December 31.
Post the closing entries to the accounts, denoting posted amounts as Clos.
Compute the ending balance of Simmons, Capital.

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Chapter 4, Problem S4.10SE

Chapter 4, Problem S4.12SE

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Chapter 4 Solutions

Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)

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