Question: Closing entries Exercise 1 MAKE the closing entries for temporary accounts with the following information: Carmelo Vlez started a business called Deep Cleaning. After the
Closing entries
- Exercise 1
MAKE the closing entries for temporary accounts with the following information:
Carmelo Vlez started a business called Deep Cleaning. After the adjustments in December 2020, the following balances were recorded in the ledger of each account. (JOURNAL)
Carmelo Vlez, capital $ 200,000
Carmelo Vlez, drawing 1,500
Service fee 150,000
Salary expense 40,000
Rent expense 24,000
Supplies expense 22,500
Miscellaneous expense 15,000
- Exercise 2
Complete the following fixes for transactions made with errors.
Date Account Ref. Debit Credit
May 2 Supplies 5,000
Accounts receivable 5,000
Purchase of materials on credit
May 5 Account expense 2,000
Sales 2,000
Sale on credit to a customer
May 8 Cash 3,500
Sales 3,500
Sale of equipment for $ 3,000
May 12 Salary expense 2,200
Cash 2,200
Salary debt
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