Project 5K: Make 4 Journal Entries to close the books
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:

Transcribed Image Text:

Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $46,200 5,800 12,000 29,900 32,500 55,400 8,000 89,200 62,000 29,500 4,140 Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $46,200 5,800 12,000 29,900 32,500 55,400 8,000 89,200 62,000 29,500 4,140

Answer rating: 100% (QA)

To close the books and prepare journal entries we need to follow the accounting equation Assets Liab... View the full answer