The adjusted trial balance for Warren's Photo Studio as of December 31, 2014, follows: An analysis of
Question:
An analysis of other information reveals that Warren's Photo Studio is required to make a $25,000 payment on the long-term notes payable during 2015. Also, Warren Jones invested $15,000 cash early in the year.
Required
Prepare the closing entries made at the end of the year.
Transcribed Image Text:
No. Account Debit Credit 101 Cash 104 Short-term investments 126 Supplies 149 Notes receivable, due May 1, 2016 167 Equipment 168 Accumulated depreciation, equipment. 173 Building S 4,100 6,800 2,250 41,000 27,000 S 14,600 174 Accmulated depreciation, building 58,000 47,000 8,900 183 Land 193 Franchise 201 Accounts payable 203 Unearned professional fees 233 Long-term notes payable. 251 Warren Jones, capital 30 Warren Jones, withdrawals 302 Photography fees earned 401 Interest earned. 605 Depreciation expense, building 606 Depreciation expense, equipment 612 Wages expense. 623 Interest expense 633 nsurance expense 5,000 1,300 64,000 31,000 1,500 86,342 240 4,000 3,000 34,000 637 Supplies expense. 652 Telephone expense 688 Utilities expense 2,850 1,800 842 3,640 Totals $260,482 $260,482
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2014 Closing entries Dec 31 Photography Fees Earned 86342 ...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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