33. Following are selected accounts and their balances for a company after the adjustments as at...

 

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33. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) (15 points) Dividends $ 6,000 Fees earned 20,000 Salaries expense 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 425 Prepare all the necessary closing entries for this company. Your answer 33. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) (15 points) Dividends $ 6,000 Fees earned 20,000 Salaries expense 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 425 Prepare all the necessary closing entries for this company. Your answer

Answer rating: 100% (QA)

Closing entries Debit Credit May 31 Income Summary 8350 Salaries ... View the full answer