PA2. ILO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journalentries required to close the books:Accounts receivable$45,0004,500Prepaid insuranceLand50,000Accounts payable39,000Notes payable55,000Retained earnings12,000Dividends2,000Fees earned revenue65,000Selling expenses34,500Administrative expenses12,750Miscellaneous expense1,250

As a result, diary entries are rarely utilized to document mass-production jobs. When you make the…

PA2. ILO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: $45,000 Accounts receivable Prepaid insurance Land 4,500 50,000 Accounts payable 39,000 Notes payable 55,000 Retained earnings 12,000 Dividends 2,000 Fees earned revenue 65,000 Selling expenses 34,500 Administrative expenses 12,750 Miscellaneous expense 1,250

PA2. ILO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: $45,000 Accounts receivable Prepaid insurance Land 4,500 50,000 Accounts payable 39,000 Notes payable 55,000 Retained earnings 12,000 Dividends 2,000 Fees earned revenue 65,000 Selling expenses 34,500 Administrative expenses 12,750 Miscellaneous expense 1,250

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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