2. Explanation Journalizing: Journalizing refers to that process in which the transactions of an organization are recorded in a sequence. Based on the recorded entries, the accounts are posted to the relevant ledger accounts. Journalize the closing entries. General Journal Page 4 Date Account Title and Explanation Post Ref. Debit ($) Credit ($) December 31, 2019 Fees income 327,200 Income summary 327,200 (To close fees income amount) Table (1) The account of fees income account gets closed by $327,200. Therefore, fees debit the income account with $327,200. The amount of fees income transferred to income summary and the account of income summary increases by $327,200. Therefore, credit income summary account with $327,200. General Journal Page 4 Date Account Title and Explanation Post Ref. Debit ($) Credit ($) December 31, 2019 Income summary 115,840 Depreciation expense 2,000 Salaries expense 77,600 Rent expense 9,200 Utilities expense 15,440 Advertising expense 11,600 (To close the amount of expenses account) Table (2) The amount of income summary is decreases by $115,840. Therefore,debit the account of income summary with $115,840. Depreciation expense is an expense account and it is decreased by $2,000... 1 and 3. To determine Prepare the ledger accounts of balances of December 31 and post the closing entries.

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Chapter 6, Problem 3PA

To determine

Journalize the closing entries.

1 and 3.

To determine

Prepare the ledger accounts of balances of December 31 and post the closing entries.

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Chapter 6, Problem 2PA

Chapter 6, Problem 4PA

Chapter 6 Solutions

COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<

Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQ Ch. 6 - Prob. 1.4SRE Ch. 6 - Prob. 1.5SRE Ch. 6 - Prob. 1.6SRA Ch. 6 - Prob. 2.1SRQ Ch. 6 - Prob. 2.2SRQ Ch. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE

Ch. 6 - Prob. 2.5SRE Ch. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSR Ch. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSR Ch. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQ Ch. 6 - Prob. 1E Ch. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3E Ch. 6 - Prob. 4E Ch. 6 - Prob. 5E Ch. 6 - Prob. 6E Ch. 6 - Prob. 7E Ch. 6 - Prob. 8E Ch. 6 - Prob. 1PA Ch. 6 - Prob. 2PA Ch. 6 - Prob. 3PA Ch. 6 - Prob. 4PA Ch. 6 - Prob. 1PB Ch. 6 - Prob. 2PB Ch. 6 - Prob. 3PB Ch. 6 - Prob. 4PB Ch. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MF Ch. 6 - Prob. 2MF Ch. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MF Ch. 6 - Prob. 1ED Ch. 6 - Prob. 1IC Ch. 6 - Prob. 1MPS

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