2. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense Insurance expense Utilities expense 7,000 350 75 Supplies expense Supplies payable Salaries payable Depreciation expense 500 400 300 425 Prepare all the necessary closing entries for this company.

2. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense Insurance expense Utilities expense 7,000 350 75 Supplies expense Supplies payable Salaries payable Depreciation expense 500 400 300 425 Prepare all the necessary closing entries for this company.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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