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Provide the closing entry for the following trial balance at year end: DR.                   CR. Cash                             $5,275 A/R                               $1,850 Equipment                   $56,480 A/P                                                       $12,350 Owners Capital                                     $70,405 Owners Withdrawals    $6,000 Revenue                                              $85,000 Cost of Goods...

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Accounting

Provide the closing entry for the following trial balance atyear end:

DR.                  CR.

Cash                            $5,275

A/R                              $1,850

Equipment                  $56,480

A/P                                                      $12,350

OwnersCapital                                    $70,405

Owners Withdrawals    $6,000

Revenue                                             $85,000

Cost of Goods Sold       $25,000

Salaries                       $50,000          

PayrollTaxes               $8,900

Utilities                       $13,800

Answer & Explanation Solved by verified expert
3.7 Ratings (639 Votes)

Account Titles Debit Credit
Revenue $           85,000
       Income Summary $              85,000
Income Summary $           97,700
Cost of Goods Sold $              25,000
Salaries $              50,000
Payroll Taxes $                8,900
Utilities $              13,800
Owners Capital $           12,700
Income Summary $              12,700
Owners Capital $             6,000
Owners Withdrawls $                6,000

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