Exercise 4-19 Date Account Titles and Explanation Debit Credit (To close revenue
ID: 2608687 • Letter: E
Question
Exercise 4-19
Date
Account Titles and Explanation
Debit
Credit
(To close revenue account)
(To close expense accounts)
(To close net income / (loss))
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Exercise 4-19
This is a partial adjusted trial balance of Blossom Company.BLOSSOM COMPANY
Adjusted Trial Balance
January 31, 2017 Debit Credit Supplies $840 Prepaid Insurance 1,560 Salaries and Wages Payable $1,020 Unearned Service Revenue 750 Supplies Expense 810 Insurance Expense 520 Salaries and Wages Expense 1,960 Service Revenue 4,030
Prepare the closing entries at January 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 31(To close revenue account)
Jan. 31(To close expense accounts)
Jan. 31(To close net income / (loss))
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Explanation / Answer
Closing entries :
Date accounts & explanation debit credit Jan 31 Service revenue a/c 4030 Income summary a/c 4030 (To close revenue account) Jan 31 Income summary a/c 3290 Supplies Expense 810 Insurance Expense 520 Salaries and Wages Expense 1960 (To close expense accounts) Jan 31 Income summary a/c 740 Retained earnings a/c 740 (To close net income / (loss)Related Questions
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