Use the partial chart of accounts given here. For each closing entry described, decide which accounts...

 

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Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221) Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221) Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221) Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221) Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221) Use the partial chart of accounts given here. For each closing entry described, decide which accounts are debited and credited. Enter Debit or Credit in the column of the appropriate accounts. Account Titles Account No. K. Schenk, Capital 310 K. Schenk, Drawing 320 Income Summary 330 Sales 410 Advertising Expense 510 Insurance Expense 520 Supplies Expense 550 310 320 330 410 510 520 550 1-2. Closing entry for Sales. (p. 217) 3-4. Closing entry for all expense accounts. (p. 219) 5-6. Closing entry for Income Summary with a net income. (p. 220) 7-8. Closing entry for Income Summary with a net loss. (p. 220) 9-10. Closing entry for owner's drawing account. (p. 221)

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