Chapter 4: Completing the Acc Chapter Assignm EXERCISES: SET A Preparation of Cl

Question

Chapter 4: Completing the Acc Chapter Assignm EXERCISES: SET A Preparation of Closing Entries LO2 ton Realty Company's income statement accounts at the en ecember 31, follow. Prepare the required closing entries. Lewis HamiltorN of its Ssca E1A. Hamil year, December 31 owner Credit $25,620 Debit Account Name Commission Revenue Wages Expense Rent Expense $8,110 1,200 4,260 915 Supplies Expense Insurance Expense Depreciation Expense- Office Equipment ,345 15,830 9,790 Total Expenses Net Income LO3 Reversing Entries E2leedeT cu or k Cpuny folaw

Explanation / Answer

closing Entries:

Commission Revenue A/c (Dr) $25,620

To Income Summary (cr) $25,620

Expenses:

Income Summary a/c (Dr) $15,830

To Wages expenses $8,110

To Rent expenses $1,200

To Supplies expenses $4,260

To Insurance expenses $915

To Depreciation Expense $1.345

(Being closing entries recoreded)

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