PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expensesexceed revenue in this period. Make the four journal entries required to close the books:Accounts receivable$46,2005,800Prepaid insuranceLand12,00029,900Accounts payableNotes payable32,50055,400Retained earningsDividends8,000Fees earned revenue89,200Selling expenses62,00029,500Administrative expensesMiscellaneous expense4,140W(CF78ADIIF8(9DDF9)0F10|回 EF11+ 11RF12

Closing entries are the same as the journal entries. The only difference being that the closing…

PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable $46,200 5,800 Prepaid insurance Land 12,000 Accounts payable 29,900 Notes payable 32,500 Retained earnings 55,400 Dividends 8,000 Fees earned revenue 89,200 62,000 Selling expenses Administrative expenses Miscellaneous expense 29,500 4,140

PA3. LO 5,1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable $46,200 5,800 Prepaid insurance Land 12,000 Accounts payable 29,900 Notes payable 32,500 Retained earnings 55,400 Dividends 8,000 Fees earned revenue 89,200 62,000 Selling expenses Administrative expenses Miscellaneous expense 29,500 4,140

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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