EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134487212
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Textbook Question
Chapter 4, Problem S4.11SE
Posting closing entries directly to T−accounts
Learning Objective 3
The following balances appear on the books of Sarah Simmons Enterprises: Simmons, Capital, $29,600; Simmons, Withdrawals $10,500; Income Summary, S0; Service Revenue, S24,500; Salaries Expense, $6,200; Rent Expense, $3,500; and Advertising Expenses, $2,000. All accounts have normal balances.
Requirements
- Open a T-account for each account, and insert its adjusted balance as given (denote as Adj. Bal.) at December 31.
- Post the closing entries to the accounts, denoting posted amounts as Clos.
- Compute the ending balance of Simmons, Capital.
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Chapter 4 Solutions
EBK HORNGREN'S ACCOUNTING
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