Question
Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger
Closing Entries
After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Beautifying Landscaping Co.:
Line Item Description | Amount |
---|---|
Retained Earnings | $281,790 |
Dividends | 48,000 |
Fees Earned | 453,265 |
Wages Expense | 303,000 |
Rent Expense | 72,700 |
Supplies Expense | 27,270 |
Miscellaneous Expense | 9,090 |
Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Date | Account | Debit | Credit |
---|---|---|---|
July 31 | Accounts ReceivableCashDividendsFees EarnedRetained EarningsFees Earned | Fees Earned | Fees Earned |
Accounts ReceivableCashDividendsFees EarnedWages ExpenseWages Expense | Wages Expense | Wages Expense | |
Accounts ReceivableCashDividendsFees EarnedRent ExpenseRent Expense | Rent Expense | Rent Expense | |
Accounts ReceivableCashDividendsFees EarnedSupplies ExpenseSupplies Expense | Supplies Expense | Supplies Expense | |
Accounts ReceivableCashDividendsFees EarnedMiscellaneous ExpenseMiscellaneous Expense | Miscellaneous Expense | Miscellaneous Expense | |
Accounts ReceivableCashDividendsFees EarnedRetained EarningsRetained Earnings | Retained Earnings | Retained Earnings | |
July 31 | CashFees EarnedMiscellaneous ExpenseRent ExpenseRetained EarningsRetained Earnings | Retained Earnings | Retained Earnings |
DividendsFees EarnedMiscellaneous ExpenseRent ExpenseWages ExpenseDividends | Dividends | 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