Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To close expense accounts) June 30 (To close net income / (loss) June 30 (To close dividends)
Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To close expense accounts) June 30 (To close net income / (loss) June 30 (To close dividends)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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Transcribed Image Text:Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount isentered. Do not indent
manually. If no entryis required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
Debit
Credit
June
30
(To close revenue account)
June
30
(To close expense accounts)
June
30
(To close net income / (loss)
June
30
(To close dividends)
Transcribed Image Text:Bramble Company had the following adjusted trial balance.
Bramble Company
Adjusted Trial Balance
For the Year Ended June 30, 2022
Adjusted Trial Balance
Account Titles
Debit
Credit
Cash
$3,880
Accounts Receivable
3,760
Supplies
400
Accounts Payable
$1,900
Unearned Service Revenue
100
Common Stock
2,550
Retained Earnings
2,000
Dividends
420
Service Revenue
5,500
Salaries and Wages Expense
1,300
Miscellaneous Expense
240
Supplies Expense
2,500
Salaries and Wages Payable
450
$12,500
$12,500
Expert Solution
Step 1
Closing entries are used to transfer the balance from a temporary account to a permanent account. We can say that closing entries are used to reset the balance of the temporary account.
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