Chapter 4 Completing the Accounting Cycle 203 2. Date 2019 July 31 31 Journal Description Closing Entries Post. Ref. Debit 60,625 5,200 Page Credit 22,855 4,950 4,200 2,715 890 315 1,505 23,195 5,200 real (permanent) accounts (169) reversing entries (196) second closing entry (170) solvency (188) temporary (nominal) accounts (169) working capital (188) Fees Earned Wages Expense Depreciation Expense Rent Expense Utilities Expense Supplies Expense Insurance Expense Miscellaneous Expense T. Roderick, Capital T. Roderick, Capital T. Roderick, Drawing Key Terms accounting cycle (174) closing entries (170) closing process (170) closing the books (170) current assets (168) current liabilities (168) current ratio (188) Discussion Questions 1. Why do some accountants prepare spreadsheet?