Patel Insurance Agency reported the following items at January 31: (Click the icon to view the...

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Patel Insurance Agency reported the following items at January 31: (Click the icon to view the reported items.) Required Make Patel Insurance Agency's closing entries, as needed, for these accounts. Include explanations. Begin by recording the closing entry for service revenue (Clo. 1). (Record debits first, then credits. Enter explanations on the last line.) Date January 31 Accounts Debit Credit Insurance Expense Marketing Expense Other Assets Amortization Expense C. Patel, Withdrawals Long-Term Liabilities Cash Service Revenue Accounts Payable Rent Expense Accounts Receivable C. Patel, Capital $ LA K 120 1,800 520 740 220 440 1,400 4,400 320 540 1,400 3,100 www. Prepare the closing entries for Bradford at December 31. First, we will close the Service Revenue account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Clos. (1) Accounts and Explanation Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Amortization-Equipment Accounts Payable S. Bradford, Capital S. Bradford, Withdrawals Service Revenue Amortization Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense. Note Payable (long-term) 3,880 3,400 2,200 3,500 34,500 2,000 5,900 35,380 2,500 2,200 200 900 800 700 500 7,600 Patel Insurance Agency reported the following items at January 31: (Click the icon to view the reported items.) Required Make Patel Insurance Agency's closing entries, as needed, for these accounts. Include explanations. Begin by recording the closing entry for service revenue (Clo. 1). (Record debits first, then credits. Enter explanations on the last line.) Date January 31 Accounts Debit Credit Insurance Expense Marketing Expense Other Assets Amortization Expense C. Patel, Withdrawals Long-Term Liabilities Cash Service Revenue Accounts Payable Rent Expense Accounts Receivable C. Patel, Capital $ LA K 120 1,800 520 740 220 440 1,400 4,400 320 540 1,400 3,100 www. Prepare the closing entries for Bradford at December 31. First, we will close the Service Revenue account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Clos. (1) Accounts and Explanation Debit Credit Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Amortization-Equipment Accounts Payable S. Bradford, Capital S. Bradford, Withdrawals Service Revenue Amortization Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense. Note Payable (long-term) 3,880 3,400 2,200 3,500 34,500 2,000 5,900 35,380 2,500 2,200 200 900 800 700 500 7,600

Answer rating: 100% (QA)

1 Closing Entry for Service Revenue Clo 1 Service Revenue Calculation Service Revenue at the begi... View the full answer