Question

Based on the following data taken from the Adjusted Trial Balance columns of the work sheet...

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

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Answer #1
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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