• The following selected accounts and balances were taken from the adjusted trial balance of CV Company: Cash Php 167,000 Accounts receivable 49,200 Accounts payable 38,760 C. Villanueva, Capital 248,640 C. Villanueva, Withdrawal 600,000 Service revenue 1,240,000 Interest income 10,000 Administrative expenses 424,000 Marketing expenses 248,000 Interest expense 8,000 
• REQUIRED: Journalize the closing entries. How much is C. Villanueva’s ending capital balance?
• 
  
  • 
    
    • 
      

Answer rating: 100% (QA)

Required closing entries Date Accounts title and explanati... View the full answer