PROBLEMS 1. After all adjustments have been made, but before the accounts have b

Question

PROBLEMS 1. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Insurance Expense Prepaid Insurance $27.600 Rent Expense $32.700 64,500 Salary Expense 41,390 8,150 17,150 Service Revenue186,000 1,500 165,000 Supplies Expense 2.500 79,950 73,325 Salaries Payable 13.500 Supplies 2,510 Common Stock 6,275 Dividends- 48,000 Retained Earnings 20,000 Journalize the entries to close the appropriate accounts. for the mnta f a. b.

Explanation / Answer

Closing Entries Account titles & Explanations Debit Credit Service revenue 186,000 income summary 186,000 income summary 92,600 Rent expense 32,700 Salary expense 41,390 Supplies expense 2,500 Depreciation expense 13,500 insurance expense 2,510 income summary 93,400 Retained earnings 93,400 Retained earnings 48,000 dividend 48,000

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