Question: From the following accounts journalize the closing entries assume January
From the following accounts, journalize the closing entries (assume January31).
Answer to relevant QuestionsDraw a T account of Income Summary and post to it all entries from Question 3 that affect it. Is Income Summary a temporary or permanentaccount?From the following posted T accounts, reconstruct the closing journal entries for July 31,201X.Consider the data in Figure for Daisy’s Dance Studio:Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be ...If you earned $130,000 this year, you would pay more OASDI and Medicare than your partner who earned $75,000. Do you agree or disagree? Please provide calculations to support your answer.Refer to Exercise 7A-3 and assume that the state changed Gray’s SUTA tax rate to 4.0%. In Exercise 7A-3.What effect would this change have on the total payroll taxexpense?
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