* Prepare closing journal entries Cash Accounts Receivable Art Supplies Prepaid

Question

* Prepare closing journal entries

Cash Accounts Receivable Art Supplies Prepaid Insurance Printing Equipment Accumulated Depreciation Accounts Pavable Interest Pavable Notes Payable Unearned Advertising Revenue Salaries Payable Common Stock Retained Earnings Dividends Advertising Revenue Salaries Expense Ins $11,000 21,500 6,000 2,500 60,000 $35,000 5,000 150 5,000 L 5,600 1,300 S 20,000 E 5,500 12,000 61,500 urance Expense Depreciation Expense Art Supplies Expense Rent Expense 11,300 850 7,000 2,400 4.350 $139,050 $139,050

Explanation / Answer

Closing entry :

Date account and explanation debit credit Advertising revenue 61500     Income summary 61500 (To close revenue account) Income summary 25900     Salaries expense 11300      Insurance expense 850     Depreciation expense 7000      Art supplies expense 2400      Rent expense 4350 (To close expense account) Income summary 35600    Retained earnings 35600 (To close income summary account) Retained earnings 12000     Dividends 12000 (To close dividend account)

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.