Answered step by step
Verified Expert Solution
Question
1 Approved Answer
After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty
After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty Services Co.: Retained Earnings $526,850 Dividends 42,000 Fees Earned 421,190 Wages Expense 319,300 Rent Expense 76,600 Supplies Expense 28,735 Miscellaneous Expense 9,580 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. July 31 Close revenues Fees Earned Income Summary July 31 Close expenses Income Summary Wages Expense Rent Expense Supplies Expense Miscellaneous Expense I ll I 0 11101 10 July 31 Close income/loss Retained Earnings Income Summary July 31 Close dividends Retained Earnings Dividends
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started