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Question 4: (3 marks each for each entry, 3 marks for format, 30 marks in total)...

Question 4: (3 marks each for each entry, 3 marks for format, 30 marks in total)

Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2019.

Cash35,000

Suzie Sheer, Capital85,000

Accounts payable33,000

Service revenue84,000

Amortization expense-building 12,000

Salary expense29,000

Unearned service revenue24,000

Prepaid rent9,000

Supplies expense6,000

Note payable71,000

Land65,000

Accounts receivable32,000

Accum. amortization-building12,000

Interest revenue14,000

Interest payable3,000

Suzie Sheer, Withdrawals20,000

Rent expense15,000

Building95,000

Supplies4,000

Interest expense4,000

Business   Accounting   
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Answer #1
Journall Entry
S. No. Accounts Title and Explanations Debit Credit
1 Income Summary $66,000.00
Salary Expense $29,000.00
Supplies Expense $6,000.00
Rent Expense $15,000.00
Interest Expense $4,000.00
AmortizatioN Expense- Building $12,000.00
To Record Close Expense Account
2 Servcie Revenue $84,000.00
Interest Revenue $14,000.00
Income Summary $98,000.00
To Record Close Revenue
3 Income Sumamay $32,000.00
Suzie Sheer Capital $32,000.00
TO Record Close Income Summary Account
4 Suzie Sheer Capital $20,000.00
Suzie Sheer Withdrawls $20,000.00
TO Record Close WithdrawlAccount
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