The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing
Question:
The ledger accounts after adjusting entries for Cortez Services are presented below.
a. Journalize the following closing entries and number as steps 1 through 4.
b. What is the new balance of J. Cortez, Capital after closing? Show yourcalculations.
Transcribed Image Text:
Owner's Equity Assets Liabilities + Capital Drawing +Revenue Expenses Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit I. Cortez Capital J. Cortez, Drawin8 Cash Wages Payable Professional Fees Wages Expense Bal. 8,500 (a) 210 Bal 24,000 Bal 400 Bal. 3850 Ba. 2900 (a) 210 Bal. 3110 Prepaid Insurance Bal. 990(c) 460 Bal 530 Insurance Expense (c) 460 Equipment Depr. Expense, quipment Bal. 18,125 (b) 750 Accum. Depr Equipment Misc. Expense Bal. 135 Bal. 3,200 (b) 750 Bal. 3,950
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College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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