Refer to the data in BE4-10 for Oromocto Development Corporation. Prepare the closing journal entries. In BE4-10

Question:

Refer to the data in BE4-10 for Oromocto Development Corporation. Prepare the closing journal entries.

In BE4-10

The unadjusted and adjusted trial balances for Oromocto Development Corporation at February 28, 2012, are as follows:

Refer to the data in BE4-10 for Oromocto Development Corporation.

The company adjusts its accounts annually. Selected data for the year-end adjustments are as follows:
1. Revenue earned but not yet billed, $2,000
2. Salaries incurred but not yet paid, $3,000
3. Depreciation expense, $4,400
4. Insurance expired, $3,500
5. Supplies used, $4,000
6. Estimated income tax expense, $300

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

Question Posted: