The trial balance for Arbor Green Golf Club for the year ended July 31 shows Service Revenue
Question:
The trial balance for Arbor Green Golf Club for the year ended July 31 shows Service Revenue of $16,400; Salaries Expense $8,400; Rent Expense $2,500; T. Arid, Capital $47,000; and T. Arid, Drawings $0. Prepare the closing entries.
Step by Step Answer:
July 31Service Revenue 16400 Income Summary 16400 To close revenue accou...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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