Problem 5: Closing entries. (10 points) Given the following accounts, prepare the closing entries in the...

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Problem 5: Closing entries. (10 points) Given the following accounts, prepare the closing entries in the order and method taught using Income Summary. Number each entry 1, 2, .... Accounts payable $ 6,700 Accounts receivable 8,200 Rent expense $ 6,000 Cash 23,800 Common stock 25,000 Salary payable Salary expense 19,400 1,200 Dividends 8,300 Service revenue 35,500 Interest expense 1,200 Supplies 2,500 Truck 14,600 Note payable 11,000 Utilities expense 4,000 Problem 5: Closing entries. (10 points) Given the following accounts, prepare the closing entries in the order and method taught using Income Summary. Number each entry 1, 2, .... Accounts payable $ 6,700 Accounts receivable 8,200 Rent expense $ 6,000 Cash 23,800 Common stock 25,000 Salary payable Salary expense 19,400 1,200 Dividends 8,300 Service revenue 35,500 Interest expense 1,200 Supplies 2,500 Truck 14,600 Note payable 11,000 Utilities expense 4,000

Answer rating: 100% (QA)

Journal Entries are as follows Debit Service Revenue Ac 35500 Credit Income Summary Ac 35500 T... View the full answer