Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare the two closing entries. \begin{tabul

Prepare the two closing entries. \begin{tabular}{|c|c|} \hline Cash & $2,650...

60.1K

Verified Solution

Question

Accounting

Prepare the two closing entries.
image
\begin{tabular}{|c|c|} \hline Cash & $2,650 \\ \hline Accounts receivable & $91,080 \\ \hline Prepaid Insurance & $2,650 \\ \hline Accumulated Depreciation - Equipment & $5,700 \\ \hline Inventory & $62,150 \\ \hline Chris Clark, Capital & $153,800 \\ \hline Chris Clark, Retreats & $18,000 \\ \hline Sales & $708,255 \\ \hline Cost of Sold & $520,305 \\ \hline Salaries Expenses - Sale & $53,430 \\ \hline Advertising Expenses & $10,860 \\ \hline Depreciation expense & $3,100 \\ \hline Freight costs & $2,800 \\ \hline Miscellaneous expenses & $630 \\ \hline Salary expenses - Office & $21,020 \\ \hline Rental expenses & $8,100 \\ \hline Depreciation expense & $2,490 \\ \hline Insurance Expenses & $1,910 \\ \hline Office expenses & $610 \\ \hline Miscellaneous expenses & $760 \\ \hline Rental income & $600 \\ \hline Interest expense & $2,440 \\ \hline \end{tabular}

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

Biology
1.2K views

he distribution of the CCR5 mutation is found at high frequency in Northern Europe and at...

Physics
1.2K views

Below is a diffraction problem. I have the solutions to the problem but I don't know...

Physics
1.2K views

A vessel contains 14 gm 7 moles of hydrogen and 96 gm 9 moles of...

Basic Math
1.2K views

A radioactive Isotope decays at a rate proportional to the amount present If the Isotope...

Basic Math
1.2K views

ange the following number to polar form and then perform the operation Express the result...

Basic Math
1.2K views

Classify the following: The number letters in a city and the population of the city.Correlation...

Accounting
1.2K views

I need help

Accounting
1.2K views

Which of the four Vs of data describes the need for data information to reflect...

Accounting
1.2K views

Your Corporation, a calendar-year company, acquired a new machine on 1/1/17. The cost of the...

Accounting
1.2K views

AMAZON.COM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Year Ended December 31, 2015 2014...

Accounting
1.2K views

sAll I need is YTD Net Pay and YTD Gross Pay, PLEASE SHOW CALCULATIONS SO...

Finance
1.2K views

Question 7 What is a risk reversal? What might you infer if a risk reversal...