Difficulty understanding these closing entries. Need T accounts for Ed Major Drawing, income summary, advising fees, wages expense, advertising expense, and rent expense. еВookWages Expense650.00Advertising Expense100.00Rent Expense400.00Supplies Expense170.00Phone Expense80.00Electricity Expense46.00Insurance Expense99.00Gas and Oil Expense50.00Depr. Expense-Office Equipment220.00Miscellaneous Expense19.001,834.00 3,100.00 7,026.00 5,760.00Net Income1,266.001,266.003,100.00 3,100.00 7,026.00 7,026.001. Enter the existing balance for each T account. Select Bal. and enter the amount.3. Post the closing entries to time T accounts. If there is more than one closing entrygiven in the journal.Cash101Bal. V447Accounts Receivable122Check My Work2321324W eBookClosing Entries (Net Income)The work sheet for Major Advising for the month ended January 31, 20-- is shown.Major AdvisingWork Sheet (Partial)For Month Ended January 31, 20--Income StatementBalance SheetACCOUNT TITLEDEBITCREDITDEBITCREDITCash447.00Accounts Receivable920.00Supplies359.00Prepaid Insurance800.00Office Equipment3,600.00Accum. Depr.-Office Equipment220.00Accounts Payable1,050.00Wages Payable290.00Ed Major, Capital4,200.00Ed Major, Drawing900.00Advising Fees3,100.00Wages Expense650.00Advertising Expense100.00Check My Work2321324W

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Answered: Difficulty understanding these closing…

Difficulty understanding these closing entries. Need T accounts for Ed Major Drawing, income summary, advising fees, wages expense, advertising expense, and rent expense.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...

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