LK Company had the following account balances at year end. Linda, Capital Supplies Kelly, Capital Services...

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LK Company had the following account balances at year end. Linda, Capital Supplies Kelly, Capital Services revenue Equipment Accounts payable Miscellaneous expense Cash Date $ Account 22,000 1,500 7,000 60,000 10,000 5,700 500 31,900 Accounts receivable Rent expense Kelly, Drawing Wages expense The partners share profit and losses equally. Journalize the necessary closing entries at year end. Accumulated depreciation - Equipment Unearned revenue Linda, Drawing Prepaid rent Debit Credit $ 18,000 20,000 2,000 10,000 2,500 2,100 3,000 2,400 LK Company had the following account balances at year end. Linda, Capital Supplies Kelly, Capital Services revenue Equipment Accounts payable Miscellaneous expense Cash Date $ Account 22,000 1,500 7,000 60,000 10,000 5,700 500 31,900 Accounts receivable Rent expense Kelly, Drawing Wages expense The partners share profit and losses equally. Journalize the necessary closing entries at year end. Accumulated depreciation - Equipment Unearned revenue Linda, Drawing Prepaid rent Debit Credit $ 18,000 20,000 2,000 10,000 2,500 2,100 3,000 2,400

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Closing entries are part of the accounting cycle and are made at the end of the accounting period to transfer balances from temporary accounts to perm... View the full answer