Need help with the incorrect ones, thank you After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances are taken from the ledger of Carmen Services:Carmen Richards, Capital$19,200Carmen Richards, Drawing2,050Fees Earned26,600Wages Expense11,300Rent Expense5,450Supplies Expense1060Miscellaneous Expense180Journalize the four entries required to close the accounts. For compound entries, if an amount box does not require an entry, leave it blank.May 31 Fees EarnedIncome Summary26,60026,600May 31 Income Summary17,990Wages Expense11,300Rent Expense5,450Supplies Expense - v1,060Miscellaneous Expense180May 31 Income Summary5,350 XCarmen Richards, Capital5,350 X The revenues and expenses are closed to Income Summary and their balances are set to zero after closing. The balance of Income Summary isadded to the Owner's Equity. Thus, the temporary accounts are closed to the real account, and the balance sheet is brought into balance with the"new" owner's equity balance.This relationship can be illustrated with numbers using a slider to provide some dynamic features.Click here and use the slider to answer the questions below. If an amount is zero, enter "0".1. If Fees Earned is $15,000, what Income Summary balance amount is transferred to Lincoln Frost, Capital?2. Does the balance sheet balance prior to closing?No3. If Fees Earned is $20,000, what is the Fees Earned entry to close this account?Debit $20,0004. If Fees Earned is $25,000, what is the entry to Income Summary to close this amount?Debit $10,0005. If Fees Earned is $20,000, what is the entry to Income Summary to close the balance to Lincoln Frost, Capital?Debit $5,000

First you need entry no.3 First entry = Credit balance of income summary = 26,600 Second entry =…

fter the accounts have been adjusted at May 31, the end of the fiscal year, the following balances are taken from the ledger of Carmen Services Carmen Richards, Capital $19,200 Carmen Richards, Drawing 2,050 Fees Earned 26,600 Wages Expense 11,300 Rent Expense 5,450 Supplies Expense 1060 Miscellaneous Expense 180 burnalize the four entries required to close the accounts. For compound entries, if an amount box does not require an entry, leave it blank. May 31 Fees Earned Income Summary 26,600 26,600 v May 31 Income Summary 17,990 Wages Expense 11,300 Rent Expense 5,450 Supplies Expense 1,060 V Miscellaneous Expense 180 May 31 Income Summary 5,350 X Carmen Richards, Capital 5,350 X

fter the accounts have been adjusted at May 31, the end of the fiscal year, the following balances are taken from the ledger of Carmen Services Carmen Richards, Capital $19,200 Carmen Richards, Drawing 2,050 Fees Earned 26,600 Wages Expense 11,300 Rent Expense 5,450 Supplies Expense 1060 Miscellaneous Expense 180 burnalize the four entries required to close the accounts. For compound entries, if an amount box does not require an entry, leave it blank. May 31 Fees Earned Income Summary 26,600 26,600 v May 31 Income Summary 17,990 Wages Expense 11,300 Rent Expense 5,450 Supplies Expense 1,060 V Miscellaneous Expense 180 May 31 Income Summary 5,350 X Carmen Richards, Capital 5,350 X

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.28E

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