The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this
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The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books:
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Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $ 85,500 18,000 15,000 82,350 35,000 129,650 15,000 311,000 210,000 105,000 8,500
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Journal Entries 1 Debit Income Summary 506850 Credit Fees Earned Reven...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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