Question

After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31:


Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through4.


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  • CreatedOctober 21, 2014
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