After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following

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After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following account balances on May 31:


After the accountant posted the adjusting entries for B. Lyon,


Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through4.

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Related Book For  book-img-for-question

College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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