December 31, 20XX, The Boone Realty Company's worksheet has the following account balances: Cash $3,000.00; Accounts Receivable $1,000.00; Office Supplies, $800.00; Prepaid Insurance, $400.00; Office Equipment, $12,000.00; Accumulated Depreciation-Equipment, $3,000.00; Automobile, $26,000.00; Accumulated Depreciation-Automobile, $6,000.00; Accounts Payable, $2,000.00; Salaries Payable, $400.00; Mary Boone, Capital, $35,500.00; Mary Boone, Drawing, $19,000.00; Revenue from Services, $89,600.00; Rent Expense, $6,000.00; Automobile Expense, $7,000.00; Utilities Expense, $4,000.00; Repairs Expense, $400.00; Delivery Supplies Expense, $5,000.00; Advertising Expense, $500.00; Salaries Expense, $44,500.00; Office Supplies Expense, $100.00; Telephone Expense, $600.00; Insurance Expense, $200.00; Depreciation Expense-Office Equipment, $1,000.00; Depreciation Expense-Automobile, $2,000.00; Miscellaneous Expense, $3,000.00. Required: Journalize Step 1 of the Closing Process. When entering the journal entries: Enter the Date. Enter the Account to be Debited and the Amount of the Debit. Enter the Account to be Credited and the Amount of the Credit. Omit the explanation.
December 31, 20XX, The Boone Realty Company's worksheet has the following account balances:
Cash $3,000.00;
Required: Journalize Step 1 of the Closing Process.
When entering the
Enter the Date.
Enter the Account to be Debited and the Amount of the Debit.
Enter the Account to be Credited and the Amount of the Credit.
Omit the explanation.
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