LULU Co. had the following temporary account balances on December 31, 2020. Debit Account Titles Service...
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LULU Co. had the following temporary account balances on December 31, 2020. Debit Account Titles Service Revenue Salaries Expense Advertising Expense Supplies Expense Dividends Required: Prepare closing entries at December 31, 2020. SOLUTION 1. Journal entry to close REVENUES DATE ACCOUNT TITLES Dec 31 O 370 200 350 22 ◆ DEBIT CREDIT $ $ Credit 850 LULU Co. had the following temporary account balances on December 31, 2020. Debit Account Titles Service Revenue Salaries Expense Advertising Expense Supplies Expense Dividends Required: Prepare closing entries at December 31, 2020. SOLUTION 1. Journal entry to close REVENUES DATE ACCOUNT TITLES Dec 31 O 370 200 350 22 ◆ DEBIT CREDIT $ $ Credit 850
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Closing Entry Date Account Title 31Dec20 Service Revenue Income Summary To record clo... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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