Roscoe has attempted to journalize the closing entries for Chandler, Inc. on the Roscoe's Journal panel....

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Roscoe has attempted to journalize the closing entries for Chandler, Inc. on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31. If an amount box does not require an entry, leave it blank. Dec. 31 Fees Earned Rent Revenue 185,600 Interest Revenue Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense Insurance Expense Miscellaneous Expense Retained Earnings Dec. 31 Retained Earnings Dividends Feedback 92,000 17,200 71,000 31,600 15,000 47,200 17,000 1,000 x 5,000 5,000 Rusco's Journal Reese her attempt for the digestor Chand Tons can not sure the domnetty, and are you www them. Ind that are entry learned, but the other line. with young mitrin for lunches in th Data Jounal Page 25 Description Post. Ref. Debit Credit Weldra burnings . Rove Indeed aveti ng Expens W Income Taxes Expense 4274 0,60 92,000 14,2001 12,000 3 15.000 41,20 Inance x 17,00 Menus Expone 1,000 Red Taming 5,000 Roscoe has attempted to journalize the closing entries for Chandler, Inc. on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31. If an amount box does not require an entry, leave it blank. Dec. 31 Fees Earned Rent Revenue 185,600 Interest Revenue Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense Insurance Expense Miscellaneous Expense Retained Earnings Dec. 31 Retained Earnings Dividends Feedback 92,000 17,200 71,000 31,600 15,000 47,200 17,000 1,000 x 5,000 5,000 Rusco's Journal Reese her attempt for the digestor Chand Tons can not sure the domnetty, and are you www them. Ind that are entry learned, but the other line. with young mitrin for lunches in th Data Jounal Page 25 Description Post. Ref. Debit Credit Weldra burnings . Rove Indeed aveti ng Expens W Income Taxes Expense 4274 0,60 92,000 14,2001 12,000 3 15.000 41,20 Inance x 17,00 Menus Expone 1,000 Red Taming 5,000

Answer rating: 100% (QA)

Incorrect and Corrected Closing Entries The first closing entry with checkmarks appears to be incorr... View the full answer