Afler the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use ilnes for journal explanations. Every line on a Journal page is used for debit or credit entries. CNOW joumals will automatically Indent a credit entry when a credit amount is entered.

Afler the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use ilnes for journal explanations. Every line on a Journal page is used for debit or credit entries. CNOW joumals will automatically Indent a credit entry when a credit amount is entered.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.2: Deferrals

Problem 1OYO

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