Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal.
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Use the following T-accounts to prepare the four journal entries required to close the books:
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Debit Bal. 75,000 Service Revenue Bal. 12,000 Cash Advertising Expense Bal. 18,000 Rent Expense Bal. 120,000 Credit Bal. 220,000 Salaries Expense Bal. 25,000 Dividends Retained Earnings Bal. 30,000
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1 Journal Entry to close Service Revenue to Retained Earnings Debit Service Revenue 220000 Credit ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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