Explanation Journalizing: Journalizing refers to the process in which transactions of an organization are recorded in a sequence. Based on the recorded entries, the accounts are posted to the relevant ledger accounts. Journal entries for the adjustments are as follows: General Journal Page 4 Date Account Title and Explanation Post Ref. Debit ($) Credit ($) December 31, 2019 Fees income 107,500 Income summary 107,500 (To transfer the amount of fees income) Table (1) The account of the fees income account gets closed. Hence, the fees income account is debited. The amount of the fees income transferred to income summary, the account of income summary increases. Hence, the income summary account is credited. General Journal Page 4 Date Account Title and Explanation Post Ref. Debit ($) Credit ($) December 31, 2019 Income summary 60,000 Depreciation expense 5,500 Salaries expense 34,000 Supplies expense 6,000 Telephone expense 5,200 Utilities expense 9,300 (To transfer the amount of income summary) Table (2) The amount of income summary decreases. Hence, the account of income summary is debited. Depreciation expense is an expense and expenses are decreased...

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Chapter 6, Problem 1E

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Journalize the closing entries.

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Chapter 6 Solutions

COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQ Ch. 6 - Prob. 1.4SRE Ch. 6 - Prob. 1.5SRE Ch. 6 - Prob. 1.6SRA Ch. 6 - Prob. 2.1SRQ Ch. 6 - Prob. 2.2SRQ Ch. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE

Ch. 6 - Prob. 2.5SRE Ch. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSR Ch. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSR Ch. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQ Ch. 6 - Prob. 1E Ch. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3E Ch. 6 - Prob. 4E Ch. 6 - Prob. 5E Ch. 6 - Prob. 6E Ch. 6 - Prob. 7E Ch. 6 - Prob. 8E Ch. 6 - Prob. 1PA Ch. 6 - Prob. 2PA Ch. 6 - Prob. 3PA Ch. 6 - Prob. 4PA Ch. 6 - Prob. 1PB Ch. 6 - Prob. 2PB Ch. 6 - Prob. 3PB Ch. 6 - Prob. 4PB Ch. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MF Ch. 6 - Prob. 2MF Ch. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MF Ch. 6 - Prob. 1ED Ch. 6 - Prob. 1IC Ch. 6 - Prob. 1MPS

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