The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Accounts receivable $47,000 Prepaid insurance 6,200 Land 15,000 Accounts payable 34,900 Notes payable 33,500 Retained earnings 59,400 Dividends 12,000 Fees earned revenue 94,200 Selling expenses 66,000 Administrative expenses 34,500 Miscellaneous expense 4,440 Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.
The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Accounts receivable $47,000 Prepaid insurance 6,200 Land 15,000 Accounts payable 34,900 Notes payable 33,500 Retained earnings 59,400 Dividends 12,000 Fees earned revenue 94,200 Selling expenses 66,000 Administrative expenses 34,500 Miscellaneous expense 4,440 Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.
| $47,000 | |
| Prepaid insurance | 6,200 |
| Land | 15,000 |
| Accounts payable | 34,900 |
| Notes payable | 33,500 |
| 59,400 | |
| Dividends | 12,000 |
| Fees earned revenue | 94,200 |
| Selling expenses | 66,000 |
| Administrative expenses | 34,500 |
| Miscellaneous expense | 4,440 |
Make the four
Transcribed Image Text:The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period.
Accounts receivable
$47,000
Prepaid insurance
6,200
Land
15,000
Accounts payable
34,900
Notes payable
33,500
Retained earnings
59,400
Dividends
12,000
Fees earned revenue
94,200
Selling expenses
66,000
Administrative expenses
34,500
Miscellaneous expense
4,440
Make the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.
А.
В.
С.
D.
B.
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