From the following items in the Income Statement columns of the work sheet of Bo
ID: 2584789 • Letter: F
Question
From the following items in the Income Statement columns of the work sheet of Bower Company at December 31, 20XX, prepare the closing entries without explanations, assuming that a $50 withdrawal was made during the period.
Income statement
Debit Credit
Service Revenue 3,000
Wages Expenses 1,800
Rent Expense 600
Supplies Expense 300
Insurance Expense 150
Depreciation Expense, Building 250
3,100 3,000
100
3,100 3,100
QuestionFrom the following items in the Income Statement columns of the work sheet of Bower Company at December 31, 20XX, prepare the closing entries without explanations, assuming that a $50 withdrawal was made during the period.
Income statement
Debit Credit
Service Revenue 3,000
Wages Expenses 1,800
Rent Expense 600
Supplies Expense 300
Insurance Expense 150
Depreciation Expense, Building 250
3,100 3,000
100
3,100 3,100
Explanation / Answer
JOURNAL Date Account Head & Description Debit Amount Credit Amount Dec 31, 20XX Service revenue 3000 Income Summary 3000 (to record the transfer of revenue to income summary) Dec 31, 20XX Income Summary 3100 Wages expense 1800 Rent expense 600 Supplies expense 300 Insurance expense 150 Depreciation Expense, Building 250 (to record the transfer of expenses to income summary) Dec 31, 20XX Retained earnings 100 Income Summary 100 (to record the transfer of losses to income summary)
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