1. Record to close the revenue account to the income summary 2. Record to close
ID: 2517167 • Letter: 1
Question
1. Record to close the revenue account to the income summary
2. Record to close the expense account to the income summary
3. Record to close the income summary to capital
4. Record to close withdraws to capital.
The March 31, 2014, adjusted trial balance for Brenner Climbing Adventures has been alphabetized as follows Account Debit Credit $ 3,100 0 201 103 168 300 Accounts payable Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital $ 8,100 8,000 36,190 01 Becky Brenner, withdrawals 101 Cash 194 Copyright 606 Depreciation expense, equipment 167 Equipment 633 Insurance expense 623 Interest expense 141 Notes receivable, due January 1, 2017 233 Long-term notes payable 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Unearned revenues 688 Utilities expense 612 Wages expense 32,200 10,600 7,500 1,000 24,000 2,375 110 11,000 21,000 8,500 69,515 370 2,300 2,800 10,100 2,650 34,400 Totals $147,905 $147,905 Required Journalize the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Explanation / Answer
Closing entry :
Date accounts & explantion debit credit Revenue 69515 Income summary 69515 (To close revenue account) Income summary 54135 Depreciation expense 1000 Insurance expense 2375 Interest expense 110 Rent expense 8500 Supplies expense 2300 Telephone expense 2800 Utilities expense 2650 Wages expense 34400 (To close expense account) Income summary 15380 Becky Brenner's capital 15380 (To close income summary) Becky Brenner's capital 32200 Becky Brenner's withdrawal 32200 (To close withdrawal account)Related Questions
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