Chapter 4: Closing Entries

The following is a partial list of balances for the Snowden Company as of December 31 of the current year. Prepare journal entries to close the pertinent accounts, using the 2-step process.

Cash		$ 110,000
Accounts Receivable		94,000
Prepaid Insurance		3,200
Equipment		250,000
Accounts Payable		12,000
Common Stock		95,000
Dividends		15,000
Fees Earned		240,000
Rent Expense		40,000
Wages Expense		55,000
Insurance Expense		24,000
Miscellaneous Expense		8,400
Date	Description			Post Ref	Debit	Credit