Following is the adjusted trial balance, with accounts listed in alphabetical order for Oppong Corporation at...
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Following is the adjusted trial balance, with accounts listed in alphabetical order for Oppong Corporation at November 30, 2023. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). Oppong Corporation Adjusted Trial Balance November 30, 2023 Accounts payable Accounts receivable Accumulated depreciation, equipment Cash Commissions earned Consulting revenue earned Depreciation expense, equipment Dividends Equipment Rent earned Retained earnings Share capital Totals Debit Credit 3,620 13,090 6,260 1,860 2,900 15,360 3,320 4,720 12,370 3,420 6,600 5,420 39,470 39,470 SUBMIT AND MARK Date + 43 D + U + n TI General Journal Account/Explanation F Debit SAVE AND CLOSE Page GJ8 Credit Following is the adjusted trial balance, with accounts listed in alphabetical order for Oppong Corporation at November 30, 2023. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). Oppong Corporation Adjusted Trial Balance November 30, 2023 Accounts payable Accounts receivable Accumulated depreciation, equipment Cash Commissions earned Consulting revenue earned Depreciation expense, equipment Dividends Equipment Rent earned Retained earnings Share capital Totals Debit Credit 3,620 13,090 6,260 1,860 2,900 15,360 3,320 4,720 12,370 3,420 6,600 5,420 39,470 39,470 SUBMIT AND MARK Date + 43 D + U + n TI General Journal Account/Explanation F Debit SAVE AND CLOSE Page GJ8 Credit
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Step 11 The related Closing Journal Entries will be as shown h... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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