Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare the closing entries. l. pharoah did not ma

Prepare the closing entries. L. Pharoah did not make any additional investments during the year....

60.1K

Verified Solution

Question

Accounting

image
image
Prepare the closing entries. L. Pharoah did not make any additional investments during the year. (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 II DI DODILI DO II IT MONTE (To close expense accounts) Dec. 31 (To cose net income / (loss)) Dec. 31 (To close drawings) Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 10,800 130 2,800 157 24,400 158 4.400 201 8,900 212 2,200 301 19.200 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 306 10,100 400 60,400 622 1,800 711 3,300 722 1,800 726 30,100 732 1,200 Totals 38,200 60,400 56,900 34,700 Net Income 22.200 22,200 60,400 60.400 56.900 56,900

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students