Question

The adjusted trial balance of Wu Delivery Services, prepared in alphabetical order follows. WU DELIVERY SERVICES...

The adjusted trial balance of Wu Delivery Services, prepared in alphabetical order follows.

WU DELIVERY SERVICES
Adjusted Trial Balance
December 31, 2017
Debit
Credit
Accounts Payable
$3,420
Accounts Receivable
$2,000
Accumulated Depreciation – Equipment
18,864
Cash
12,600
D. Wu, Capital
7,800
D. Wu, Drawings
1,200
Equipment
39,300
Depreciation Expense
1,200
Insurance Expense
1,200
Interest Expense
240
Interest Payable
100
Prepaid Insurance
1,800
Salaries Expense
12,200
Salaries Payable
1,100
Service Revenue
44,616
Supplies
690
Supplies Expense
1,680
Repairs Expense
770
Utilities Expense
1,020
$75,900
$75,900


Prepare closing entries for Wu Delivery Services.

Business   Accounting   
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Answer #1

Closing entries :

Date account and explanation debit credit
Service revenue 44616
Income summary 44616
(To close revenue account)
Income summary 18310
Depreciation expense 1200
Insurance expense 1200
Interest expense 240
Salaries expense 12200
Supplies expense 1680
Repairs expense 770
Utilities expense 1020
(To close expense account)
Income summary 26306
  D. Wu, Capital 26306
(To close income summary)
D. Wu, Capital 1200
  D. Wu, Drawings 1200
(To close drawing account)
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