After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Pioneer Delivery Services Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable EQUITY 31 Kerry Buckner, Capital 32 Kerry Buckner, Drawing 33 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 54 Supplies Expense 59 Miscellaneous Expense Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9
After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Pioneer Delivery Services Co. General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Wages Payable EQUITY 31 Kerry Buckner, Capital 32 Kerry Buckner, Drawing 33 Income Summary REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 54 Supplies Expense 59 Miscellaneous Expense Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PA: The following accounts appear in the ledger of Celso and Company as of June 30, the end of this...
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Question
After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.:
Kerry Buckner, Capital | $3,513,000 |
Kerry Buckner, Drawing | 42,500 |
Fees Earned | 1,324,000 |
Wages Expense | 749,100 |
Rent Expense | 68,800 |
Supplies Expense | 14,600 |
Miscellaneous Expense | 7,350 |
Required:
Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. |
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||
Pioneer Delivery Services Co. | |||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||
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Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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