From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X. M. Fernendez,
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From the following posted T accounts, reconstruct the closing journal entries for May 31, 201X.
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M. Fernendez, Capital Insurance Expense Withdrawals 700 6,000 (May 1) 75 Closing 75 2,025 Net Income M. Fernendez, Withdrawals Wage Expense 700 Closing 700 Income Summary Expenses 2,775 Revenue 4,800 Closing 2,025 Balance 2,025 1,100 Closing 1,100 Rent Expense 1,000 Closing 1,000 Salon Fees Depreciation Expense, Equipment Closing 4,800 4,800 600 Closing 600
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Date 201X Account Titles and Description PR Dr Cr Closing Entries May 31 Salo...View the full answer
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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