a v2 Air Canada-Official Website Untaied Online teachin. Print ham Show Me How C
ID: 2404609 • Letter: A
Question
a v2 Air Canada-Official Website Untaied Online teachin. Print ham Show Me How Closing Entries fter the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Cabriolet Services Co. Retained Earnings $528,380 Dividends Fees Earmep Wages Expense Rent Expense Supplies Expense Miscellaneous Expense 37,845 275,200 66,000 24,770 Sournalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank 3Explanation / Answer
Answer:
Date
Description
Debit
Credit
July.31
Fees Earned
437845
Income Summary
437845
(to close revenue)
July.31
Income Summary
374225
Wages Expense
275200
Rent Expense
66000
Supplies Expense
24770
Miscellaneous Expense
8255
(to close Expanses)
July.31
Income Summary
63620
Retained earning
162645
(437845-374225)
(to close Income summary)
July.31
Retained earning
26000
Devidend
26000
(to close Devidend)
Date
Description
Debit
Credit
July.31
Fees Earned
437845
Income Summary
437845
(to close revenue)
July.31
Income Summary
374225
Wages Expense
275200
Rent Expense
66000
Supplies Expense
24770
Miscellaneous Expense
8255
(to close Expanses)
July.31
Income Summary
63620
Retained earning
162645
(437845-374225)
(to close Income summary)
July.31
Retained earning
26000
Devidend
26000
(to close Devidend)
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