Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He’s not sure if he’s entered the journal 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 Company as of Dec. 31 on the Journal panel.

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JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
2	Dec. 31	Roscoe Chandler, Capital		463,600.00				↓
3		Fees Earned			165,600.00			↑
4		Rent Revenue			92,000.00			↑
5		Interest Revenue			17,200.00			↑
6		Salaries Expense			71,000.00			↑
7		Selling Expense			37,600.00			↑
8		Income Taxes Expense			15,000.00			↑
9		Depreciation Expense-Equipment			47,200.00			↑
10		Insurance Expense			17,000.00			↑
11		Miscellaneous Expense			1,000.00			↑
12	31	Roscoe Chandler, Capital		5,000.00				↓
13		Roscoe Chandler, Drawing			5,000.00			↑

 

 

Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe’s Journal panel. He’s not sure if he’s entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles.

Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.

Question not attempted.

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JOURNAL

ACCOUNTING EQUATION

Score: 0/147

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1		Closing Entries
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Check My Work

Review the entries needed to close the accounts at the end of the accounting period, and compare to Roscoe’s