Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q2: prepare december 31,2020 four closing entries

Q2: Prepare December 31,2020 four closing entries for friends' group. (4x3-12) Account title Debit Credit...

90.2K

Verified Solution

Question

Accounting

image

Q2: Prepare December 31,2020 four closing entries for friends' group. (4x3-12) Account title Debit Credit $18,000 12,000 2,000 23.000 $6,500 46,600 6,000 Cash Supplies Prepaid Insurance Equipment Accumulated depreciation- Equipment R. Showers, capital R. Showers, withdrawals Services revenue Depreciation expense. Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 36,000 2,000 21,000 1.500 2.400 1,200 $89,100 $89,100

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

Finance
1.2K views

Winchell Investment Advisors is evaluating the capital structure of Ojai Foods. ? Ojai's balance sheet indicates...

Finance
1.2K views

How do you calculate the average return of a bond per week/month? How do we also get...

Statistics
1.2K views

A random sample of 854 births included 431 boys. Use a 0.05 significance level to test...

Basic Math
1.2K views

Your friend has chosen a card from a standard deck of 52 playing cards and no...

Chemistry
1.2K views

HX is a weak acid that reacts with water according to the following equation: HX(aq) +...

Biology
1.2K views

Briefly describe the process by which the body strips electrons from food molecules (use a polysaccharide...

Physics
1.2K views

28 6 The temperature of a cavity of fixed volume is doubled Which of the...

Accounting
1.2K views

1. In your own words, what is the impact of 4Cs of marketing on the...

Accounting
1.2K views

Carner Lumber sells lumber and general building supplies to building contractors in a medium-sized town...

Accounting
1.2K views

The Greensleeves Garden Equipment Company sells and services lawnmowers. The service department manager has determined...

Accounting
1.2K views

need help An asset was purchased for $304000. It had an estimated...

Accounting
1.2K views

Problem 5 - 15 Points This financial information is available for Klinger Corporation. Average common...