Williams Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated...
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Williams Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total Debit 12,910 9,270 5,690 54,090 16,800 3,000 8,400 5,000 115,160 Credit י 8,200 4,400 1,560 22,300 23,400 50,100 5,200 115,160 Required: Prepare the second closing entry to close the expense accounts to Income Summary. Williams Company had the following adjusted trial balance: Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total Debit 12,910 9,270 5,690 54,090 16,800 3,000 8,400 5,000 115,160 Credit י 8,200 4,400 1,560 22,300 23,400 50,100 5,200 115,160 Required: Prepare the second closing entry to close the expense accounts to Income Summary.
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To close the expense accounts to Income Summary you would debit each individual expense ... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
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