Closing process View History Bookmarks People Window Help 4 Course: 2018SP F. ×

Question

Closing process View History Bookmarks People Window Help 4 Course: 2018SP F. × https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: HyWlleyPLUSI Hp l Contact Us I Loa Ou JS Kimmel, Accounting, Ge FINANCIAL & MANAGERIAL (ACC 110/21° Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT ES ? (h) Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) dy Date Account Titles and Explanation Debit Credit July 31 (To close revenue account) July 31 To dlose expense accounts) July 31 PtivacyPelsY 1?2000-2018 obnmínasons.is. All Rights Reserved. A Division of 2ohn Wile &Sons; Inc Version 4.24.5.1

Explanation / Answer

Date Journal Entries Dr Cr July 1 Cash 10800 To Common Stock 10800 1 Truck 7200 To Cash 1800 To Accounts Payable 5400 3 Supplies Expense 810 To Accounts Payable 810 5 Insurance 140 Prepaid Insurance 1540 To Cash 1680 12 Accounts Receivable 3300 To Service Revenue 3300 18 Accounts Payable 1350 To Cash 1350 20 Salaries and wages 1800 To Cash 1800 21 Cash 1440 To Accounts Receivable 1440 25 Accounts Receivable 2250 To Service Revenue 2250 31 Maintainance and Repairs 260 To Cash 260 31 Dividends 540 To Cash 540 Closure of Accounts 31st July Service Revenue 5550 To Profit & Loss A/c 5550 Closure of Revenue Accounts 31st July Profit&Loss A/c To Maintainance and Repairs 260 To Supplies Expense 810 To Insurance 140 To Salaries and wages 1800 Closure of Expense Accounts For Closing Account name is considered as Profit and Loss A/c however if the name used is different then change the name accordingly

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