After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital $800,000 James Reap, Drawing 125,000 Fees earned 750,000 Wages expense 400,000 Rent expense 75,000 Miscellaneous expense 5,000 Journalize the closing entries necessary to close out all temporary accounts. Not all lines may be used. DATE Debit Credit 10/31 10/31
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital $800,000 James Reap, Drawing 125,000 Fees earned 750,000 Wages expense 400,000 Rent expense 75,000 Miscellaneous expense 5,000 Journalize the closing entries necessary to close out all temporary accounts. Not all lines may be used. DATE Debit Credit 10/31 10/31
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 1PA: The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as...
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