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record closing entries Required information On January 1, Year 1, the general ledger...

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Accounting

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record closing entries
Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,500 6,900 4,800 67,000 $ 4,900 82,000 17,300 $104,200 $104,200 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance $11,100 ($925/month). January 9 Purchase additional supplies on account, $5,200. January 13 Provide services to customers on account, $27.200. January 17 Receive cash in advance from customers for services to be provided in the future, 65,400. January 20 Pay cash for salaries, $13,200. January 22 Receive cash on accounts receivable, $25,000 January 29 Pay cash on accounts payable, $5,700. Required information Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View general Journal equired information Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View general journal

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