accounting

Project Description:

the ledger of swann company contains the following balances: d. swann, capital $30,000; d. swann, drawing $2,000; service revenue $50,000; salaries expense $27,000; and supplies expense $4,000. prepare the closing entries at december 31. (for multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)





date

description/account

debit

credit



dec. 31

cashservice revenuesupplies expensesalaries expenseincome summaryd.swann, capitald.swann, drawing









service revenueincome summarycashd.swann, capitalsupplies expensed.swann, drawingsalaries expense









(to close revenue account.)







31

cashincome summarysalaries expensesupplies expenseservice revenued.swann, capitald.swann, drawing









income summaryservice revenuecashsupplies expensesalaries expensed.swann, capitald.swann, drawing









cashd.swann, drawingsalaries expensesupplies expenseservice revenueincome summaryd.swann, capital









(to close expense accounts.)







31

cashservice revenueincome summarysalaries expensesupplies expensed.swann, capitald.swann, drawing









supplies expensed.swann, drawingd.swann, capitalservice revenuesalaries expensecashincome summary









(to close net income)







31

salaries expensecashsupplies expensed.swann, capitalservice revenueincome summaryd.swann, drawing









supplies expenseservice revenued.swann, capitalsalaries expensecashd.swann, drawingincome summary









(to close drawings.)
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