Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services:Fees Earned$614,500Dividends45,000Rent Expense140,000Retained Earnings3,250,000Supplies Expense18,200Wages Expense320,000Miscellaneous Expense8,700 Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

Closing entries are made at the end of the period to close the temporary accounts like revenues,…

Answered: Automation Services Co. offers its…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 2AP

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Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services:

Fees Earned	$614,500
Dividends	45,000
Rent Expense	140,000
Retained Earnings	3,250,000
Supplies Expense	18,200
Wages Expense	320,000
Miscellaneous Expense	8,700

Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

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