Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ces On December 31, 20X1, the ledger of Lopez Company contained the following account balances: Cash Accounts receivable Supplies Equipment $31,600 Maria Lopez, Drawing
ces On December 31, 20X1, the ledger of Lopez Company contained the following account balances: Cash Accounts receivable Supplies Equipment $31,600 Maria Lopez, Drawing $12,100 2,200 Fees income 1,400 Depreciation expense 46,750 2,050 24,600 Salaries expense 15,600 Accumulated depreciation Accounts payable 1,800 Supplies expense 2,300 2,300 Telephone expense 1,900. 46,850 Utilities expense 3,950 Maria Lopez, Capital All the accounts have normal balances. Prepare the closing entries for the above transactions. View transaction list Journal entry worksheet < 1 2 3 4 Record the closing entry for revenue. Note: Enter debits before credits. Date Dec 31, 20X1 General Journal Debit Credit
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