Chapter 4-Homework 0 Saved Qs 4-6 Preparing closing entries from the ledger LO P

Question

Chapter 4-Homework 0 Saved Qs 4-6 Preparing closing entries from the ledger LO P2 The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9.800: D. Mai, Withdrawals $1.200; Services Revenue $21,000: Wages Expense $12,400, and Rent Expense $3.200. points Prepare the necessary closing entries from the available information at December 31, View transaction list eBook Journal entry worksheet Hint Print Record the entry to close revenue accounts er Enter debits before redts Debit Cre General Journal Date Dec 31 Record entry

Explanation / Answer

Date General Journal Debit Credit Dec. 31 Services revenue 21000 Income summary 21000 (To close revenue accounts) Dec. 31 Income summary 15600 Wages expense 12400 Rent expense 3200 (To close expense accounts) Dec. 31 Income summary 5400 D. Mai, Capital 5400 (To close income summary to capital) Dec. 31 D. Mai, Capital 1200 D. Mai, Withdrawals 1200 (To close withdrawals to capital)

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