Baker Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated...
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Baker Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total Debit 10,410 9,060 6,080 56,640 15,500 5,200 10,200 5,500 118,590 Credit 6,600 3,920 1,770 21,900 23,800 53,100 7,500 118,590 Required: Prepare the second closing entry to close the expense accounts to Income Summary. Baker Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total Debit 10,410 9,060 6,080 56,640 15,500 5,200 10,200 5,500 118,590 Credit 6,600 3,920 1,770 21,900 23,800 53,100 7,500 118,590 Required: Prepare the second closing entry to close the expense accounts to Income Summary.
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To close the expense accounts to Income Summary you would need to create a second closing entry by ... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
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