Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31
Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 3PB: The following selected accounts and normal balances existed at year-end. Notice that expenses exceed...
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Question
Sheridan Company shows the following balances in selected accounts of its adjusted
Supplies
|
$30,900 |
Service Revenue
|
$116,000 | |||
---|---|---|---|---|---|---|
Supplies Expense
|
5,100 |
Salaries and Wages Expense
|
36,000 | |||
|
11,600 |
Utilities Expense
|
8,700 | |||
Owner’s Drawings
|
23,000 |
Rent Expense
|
18,300 | |||
Owner’s Capital
|
74,000 |
List of Accounts
- Accounts Payable
- Accounts Receivable
- Accumulated
Depreciation -Buildings - Accumulated Depreciation-Equipment
- Accumulated Depreciation-Delivery Trucks
- Advertising Expense
- Buildings
- Cash
- Debt Investments
- Delivery Trucks
- Depreciation Expense
- Equipment
- Gasoline Expense
- Income Summary
- Insurance Expense
- Interest Expense
- Interest Payable
- Interest Receivable
- Interest Revenue
- Inventory
- Land
- Long-term Debt
- Long-term Investments
- Maintenance and Repairs Expense
- Miscellaneous Expense
- Mortgage Payable
- Notes Payable
- Owner's Capital
- Owner's Drawings
- Patent Needs
- Prepaid Insurance
- Prepaid Rent
- Rent Expense
- Rent Revenue
- Salaries and Wages Expense
- Salaries and Wages Payable
- Service Revenue
- Short-Term Investments
- Stock Investments
- Supplies
- Supplies Expense
- Ticket Revenue
- Unearned Rent Revenue
- Unearned Service Revenue
- Utilities Expense
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