Required: Prepare the closing entries by filling - in the blanks of the followingquestions:Instructions: For the first blank of the question, choose if Debit or Credit the Incomeand Expense Summary account. And on the second blank, fill up the amount to bedebited or credited.1. To close the debit balances of nominal accounts, the company willIncome and Expense Summary2. amounting to Problem: Below is the Income Statement of Masaya Company for the year ended December 31, 2020.Masaya CompanyIncome StatementFor The Year Ended December 31, 2020Revenue:SalesSales discountTotal RevenueLess Cost of Goods Sold:Inventory, beginningNet Purchases:PurchasesFreight - inPurchase returnsMerchandise Available forSaleInventory, endGross ProfitLess: ExpensesSalaries expenseRent expenseUtilities expenseFreight-outSupplies expenseInsurance expenseDepreciation expenseBad debts expenseNet Loss6,784455(562)8,945(123)8,8229446,6777,621(1,248) 6,3732,4491,6908901201455748354543,358(909)

Closing entries are the journal entries. A closing entry is a journal entry recorded at the end of…

Required: Prepare the closing entries by filling - in the blanks of the following questions: Instructions: For the first blank of the question, choose if Debit or Credit the Income and Expense Summary account. And on the second blank, fill - up the amount to be debited or credited. 1. To close the debit balances of nominal accounts, the company will Income and Expense Summary 2. amounting to

Required: Prepare the closing entries by filling - in the blanks of the following questions: Instructions: For the first blank of the question, choose if Debit or Credit the Income and Expense Summary account. And on the second blank, fill - up the amount to be debited or credited. 1. To close the debit balances of nominal accounts, the company will Income and Expense Summary 2. amounting to

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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