E1B. Premium Realty Company's income statement accounts at the end of its fiscal year follow. Prepare the required closing entries. Lawrence James is the owner. Account Name Deblt Credit Commission Revenue $26,620 Wages Expense $9,110 Rent Expense 1,300 Supplies Expense 4,160 Insurance Expense 915 Depreciation Expense-Office Equipment 1,345 Total Expenses 16,830 $ 9,790 Net Income

E1B. Premium Realty Company's income statement accounts at the end of its fiscal year follow. Prepare the required closing entries. Lawrence James is the owner. Account Name Deblt Credit Commission Revenue $26,620 Wages Expense $9,110 Rent Expense 1,300 Supplies Expense 4,160 Insurance Expense 915 Depreciation Expense-Office Equipment 1,345 Total Expenses 16,830 $ 9,790 Net Income

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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After the first two closing entries are made, Income Summary has a credit balance of $125,500. What does this indicate about the companys net income or loss?
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