Task III CLOSING THE ACCOUNTS-25 points Given the following adjusted balances, p

Question

Task III CLOSING THE ACCOUNTS-25 points Given the following adjusted balances, prepare closing entries. Accounts Receivable 10 Building 748 100 Accounts Payable 60 Unearned Revenue 15 Capital Withdrawals Ticket Revenue400 Popcorn Revenue 100 Rent Expense Supplies Expense 50 Telephone Expense 72 550 36 Required Prepare the journal entry to close the revenue accounts: (Use the space below) Prepare the journal entry to close the expense accounts: (Use the space below) Prepare the journal entry to close the income summary account: (Use the space below) Prepare the journal entry to close the withdrawals account: (Use the space below)

Explanation / Answer

Journal Entry to close the revenue accounts: Ticket Revenue a/c                                            Dr 400 Popcorn Revenue a/c                                       Dr 100    To Income Summary a/c 500 [Being Revenue Accounts Closed] Journal Entry to close the expense accounts: Income Summary a/c                                            Dr 206    To Rent Expense a/c 84    To Supplies Expense a/c 50    To Telephone Expense a/c   72 [Being Expense accounts Closed] Journal Entry to close the Income Summary account: Income Summary a/c                                          Dr 294    To Retained Earnings a/c 294 [Being Inccome Summary a/c Closed] Journal Entry to close the withdrawals account: Capital a/c                                                                Dr 36    To Withdrawals a/c 36 [Being Withdrawals account closed]

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