Felicitys Custom Framing has journalized their adjusting entries and prepared their adjusted trial balance. Using the adjusted trial balance, prepare the closing entries using the income summary account for the month of July.
Felicity's Custom Framing
Adjusted Trial Balance
July
Account Titles DR CR
Cash $
Accounts Receivable $
Prepaid Insurance $
Equipment $
Accumulated Depreciation $
Accounts Payable $
Interest Payable $
Unearned Revenue $
Bank Loan $
Felicity, Capital $
Felicity, Withdrawals $
Service Revenue $
Depreciation Expense $
Insurance Expense $
Interest Expense $
Office Supplies Expense $
Rent Expense $
Salaries Expense $
Telephone Expense $
Total $ $
Do not enter dollar signs or commas in the input boxes.
When closing accounts, use the income summary method.
For the closing of the expense accounts, enter the expense accounts in alphabetical order.
Date Account Title and Explanation Debit Credit
Jul Answer
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Close revenue accounts
Jul Answer
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Close expense accounts
Jul Answer
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Close income summary account
Jul Answer
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