Journalize the Four Entries Required to Close the Accounts

Debit Income Summary 34500. Journalize the four entries required to close the accounts.

Order Of Preparing Financial Statements

Close all income accounts to Income Summary.

. See Page 1. Close Income Summary to the appropriate capital account. There are four closing entries.

Close all expense accounts to Income Summary. The following accounts and normal balances existed at year-end. Owners capital account for sole proprietorship.

A Journalize the entries required to complete the closing of the accounts on December 31. Close Income Summary to the appropriate capital account. Partners capital accounts for partnerships based on ratio agreed.

Adjustment data are assembled and analyzed. Make the four journal entries required to close the books. Make the four journal entries required to close the books.

Revenues expenses income summary drawing account. The required four journal entries to close the books are prepared as follows. Image transcriptions A B C Account Titles and Explanation Debit Credit 2 Fees Earned Revenue 90000 3 Income Summary 90000 To close the revenues account 6 Income Summary 63300 7 Selling Expenses 45000 8 Administrative expenses 16000 9 Miscellaneous.

Who are the experts. Four Steps in Preparing Closing Entries. Make the four journal entries required to close the books.

Credit Income Summary 65000. Expense Close all expense accounts to income summary 63000. Fees earned revenue Income Summary Close Revenue accounts to income accounts 90000 90000 Income Summary Selling Expenses Admin Expense Misc.

LO 51 Assume that the first two closing entries have been made and posted. The four basic steps in the closing process are. December 31 Debit Fees earned revenue 65000.

Use the following T-accounts to prepare the four journal entries required to close the books. Adjusting entries are journalized and posted to the ledger. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Rent 14 Supplies LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees EQUITY 31 Bonnie Mira Capital 32 Bonnie Mira.

Use the following T-accounts to prepare the four journal entries required to close the books. LO 51 Use the following T-accounts to prepare the four journal entries required to close the books. Refer to the Chart of Accounts for exact wording of account titles.

Answer of The following selected accounts and normal balances existed at year-end. Show transcribed image text. Jan 31 Fees Earned 123400 Income Summary 123400 31 Income Summary 101350 Wages Expense 36000 Rent Expense 50000 Supplies Expense 14300 Miscellaneous Expense 1050 31 Income Summary 22050 Retained Earnings 22050 31 Retained Earnings 12000 Dividends 12000 DIF.

The required Journal Entries that are required to close the book for the selected four accounts at year-end include the following. Make the four journal entries required to close the books. Journalize the four entries required to close the accounts ANS.

22000 6000 90000 45000 16000 2300 Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense. To close the Fees revenue to income summary. We review their content and use your feedback to.

Closing the revenue accounts transferring the credit balances in the revenue accounts to a clearing account called Income Summary. An unadjusted trial balance is prepared. A closing entry is a journal entry Journal Entries Guide Journal Entries are the building blocks of accounting from reporting to auditing journal entries which consist of Debits and Credits that is made at the end of an accounting period Fiscal Year FY A fiscal year FY is a 12-month or 52-week period of time used by governments and businesses for accounting purposes to.

Last year we received cash in advance of 272500. At the same date Debra Allen Capital has a credit balance of 1439000 and Debra Allen Drawing has a balance of 36000. An optional end-of-period spreadsheet is prepared.

Closing the expense accounts transferring the debit balances in the expense accounts to a clearing account called Income Summary. Chapter 5 Problem 8EA. B Determine the amount of Debra Allen Capital at the end of the period.

The following selected accounts and normal balances existed at year-end. How do you close journal entries. The supplies account had a beginning balance of 3375 and was debited for 6450 for supplies purchased during the year.

The first one is to close ____ the second one is to close ____ the third one is to close ____ and the last one is to close ____. Make the four journal entries required to close the books. Transactions are posted to the ledger.

Notice that expenses exceed revenue in this period. Journalize the adjusting entry required at the end of the year assuming the amount of supplies on hand is 2980. Closing entries are dated in the journal as of.

Close all income accounts to Income Summary. Transactions are analyzed and recorded in the journal. Credit Selling expenses 34500.

Close all expense accounts to Income Summary. Experts are tested by Chegg as specialists in their subject area. Business Accounting Principles of Accounting Volume 1 Use the following T-accounts to prepare the four journal entries required to close the books.

Now for this step we need to get the balance of the.

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