e My Account l Chegg.cor XY e Chegg Study! Guided S WileyPLUS C × secure ! https

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e My Account l Chegg.cor XY e Chegg Study! Guided S WileyPLUS C × secure ! https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MywileyPLUS I Help 1 Contact Us I Log Out WileyPLUS ygandt, Accounting Principles, 12e Principles of Accounting 12e (ACC 171/272) Home Read, Study & Practice Gradebook ORION Downloadable eTextbook AssignmentOpen Assignment FULL SCREEN PRINTER VERSIONBACK NEXT Date Account Titles and Explanation Debit Credit ASSIGNMENT RESOURCES 4B July 31 To close revenue accounts) July 31 (To dlose expense acoounts) July 31 (To dlose net income (loss) July 31 (To dlose drawings)

Explanation / Answer

Answer-

The purpose of Closing is to close all temporary accounts to permanent account.Profit and loss accounts are generally temporary account.

Journal Entries S.No. Date Description Ref Dr. $ Cr. $ 1 31-Jul Service Revenue      64,400 Rent Revenue        6,700 Income Summary    71,100 (To close revenue accounts) 2 31-Jul Income Summary    80,500 Salaries and Wages expenses    56,400 Utility Expenses    15,400 Depreciation expenses      8,700 (To close expenses accounts) 3 31-Jul Retained earnings      9,400 Income Summary      9,400 (To close net income/loss) 4 31-Jul Owner's capital    15,700 Owner's drawings    15,700 (To close Drawing account)

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