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ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000;...

ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #3 by selecting the account names and dollar amounts from the drop-down menus.

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Answer #1

Closing entries :

Date accounts & explanation debit credit
Fees earned a/c 56000
Income summary a/c 56000
(To record close of fees earned account)
Income summary a/c 48000
Depreciation exp 25000
Salaries exp 23000
(To record close of exp account)
Income summary a/c 8000
Owner's capital a/c 8000
(To record close of income summary a/c)
Owner's capital a/c 2000
Owner, Withdrawals 2000
(To record close of withdrawal account)
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