Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

4th edition

978-1259995057, 1259995054, 978-0077503987, 77503988, 978-0077639730

More Books

Students also viewed these Accounting questions

Question

Describe the major controls for cash receipts.

Answered: 1 week ago