Question

Three accounts need to be closed at the end of the fiscal year: Fees Earned of $36,000 and the only two expense accounts, Salary Expense of $12,000 and Rent Expense of $10,000. At the end of the fiscal year, Nicholas Wong, Capital has a credit balance of $100,000, and Nicholas Wong, Withdrawals has a balance of $4,000.
a. Journalize the entries required to complete the closing of the accounts without using the Income Summary account.
b. Determine the amount of Nicholas Wong, Capital at the end of the year.


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  • CreatedSeptember 15, 2015
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