The ledger of Sheridan Company contains the following balances: Owner's Capital $ 28,500, Owner's Drawings $ 1,100, Service Revenue $ 49,000, Salaries and Wages Expense $ 25,500, and Supplies Expense $ 6,400. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income/ (loss) Dec. 31 (To close drawings)
The ledger of Sheridan Company contains the following balances: Owner's Capital $ 28,500, Owner's Drawings $ 1,100, Service Revenue $ 49,000, Salaries and Wages Expense $ 25,500, and Supplies Expense $ 6,400. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income/ (loss) Dec. 31 (To close drawings)
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...
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