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davidb1113
07.06.2021 •
Business
You must complete parts 1, 2, 3, 4, 6, 7 and 8 before attempting to complete part 9. Part 5 is optional.
Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account.
If an amount box does not require an entry, leave it blank.
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Ответ:
Sales (Dr.) $45,000
Income Summary (Cr.) $45,000
Income summary (Dr.) $63,900
Advertising Expense (Cr.) $1,200
Rent expense (Cr.) $5,600
Office Supplies Cost (Cr.) $9,800
Insurance Expense (Cr.) $7,000
Sales Returns (Cr.) $2,900
Interest Expense (Cr.) $3,200
Cost of Goods sold (Cr.) $27,500
Selling and administrative expense (Cr.) $6,700
Income Summary (Dr.) $250,000
Capital investment (Cr.) $ 250,000
Explanation:
Closing entries are prepared to close business transactions that occurred during the month. These transactions are closed with a contra account of Income Summary. All debit balance are credited with a debit of Income summary account and vice versa. the temporary account balances are reset to zero after closing entries are passed.
Ответ:
U ARE NOT MATURE
Explanation: