Based on the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended October 31 for Shore Co., journalize the closing entries
Cash |
$ 21,500 |
|
Accounts Receivable |
45,200 |
|
Supplies |
5,000 |
|
Equipment |
169,900 |
|
Accumulated Depreciation |
$ 69,000 |
|
Accounts Payable |
43,500 |
|
Stan Shore, Capital |
152,600 |
|
Stan Shore, Drawing |
30,000 |
|
Fees Earned |
404,500 |
|
Salary Expense |
300,500 |
|
Rent Expense |
60,000 |
|
Depreciation Expense |
25,000 |
|
Supplies Expense |
9,500 |
|
Miscellaneous Expense |
2,000 |
|
$668,600 |
$668,600 |
Answer:
Account titles & explanations | Debit | Credit | ||||
Fees earned | 404,500 | |||||
income summary | 404,500 | |||||
income summary | 397,000 | |||||
Salary expense | 300,500 | |||||
rent expense | 60,000 | |||||
Depreciation expense | 25,000 | |||||
supplies expense | 9,500 | |||||
Miscellaneous expense | 2,000 | |||||
income summary | 7,500 | |||||
Stan Store,capital | 7,500 | |||||
Stan store,capital | 30,000 | |||||
Stan store,drawing | 30,000 | |||||
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