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Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries. here is the trail
Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.
here is the trail balance:
Use the information provided above to help me figure out how to create the closing entry. This what I have filled out so far but could be wrong.
A Company Balance Sheet As of June 30,20XX A Company Income Statement For Month ending 06/30/20XX \begin{tabular}{|l|lr} \hline Revenues & \multicolumn{3}{l}{} \\ \hline Revenues & $ & 5,525.00 \\ \hline & & \\ \hline Total Revenues & $ & 5,525.00 \\ \hline \end{tabular} \begin{tabular}{|l|rr|} \hline Operating Expenses: & \multicolumn{3}{l|}{} \\ \hline Advertising & $ & 250.00 \\ \hline Business License Expense & $ & 250.00 \\ \hline Wages Expense & $ & 650.00 \\ \hline Telephone Expense & $ & 155.00 \\ \hline Maintenance Expense & $ & 210.00 \\ \hline Deprecation Expense & $ & 250.00 \\ \hline Rent Expense & $ & 1,195.00 \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses: & & 2,960.00 \\ \hline & & 2,565.00 \end{tabular} \begin{tabular}{l|r|r} \multicolumn{1}{c|}{ Account } & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c}{ Credit } \\ \hline Cash & 50,650.00 & \\ \hline Accounts Receivable & 2,975.00 & \\ \hline Prepaid Rent & 7,170.00 & \\ \hline Prepaid Insurance & 750.00 & \\ \hline Vehicle & 15,000.00 & \\ \hline Office Supplies & 750.00 & \\ \hline Accumulated Depreciation & & 250.00 \\ \hline Notes Payable & & 25,000.00 \\ \hline Accounts Payable & & 155.00 \\ \hline Wages Payable & 1,000.00 & \\ \hline Owner's Capital & & \\ \hline Owner Draws & 1,195.00 & \\ \hline Service Revenue & 250.00 & \\ \hline Rent Expense & 155.00 & \\ \hline Business License Expense & 210.00 & \\ \hline Telephone Expense & 250.00 & \\ \hline Repairs and Maintenance Expense & 650.00 & \\ \hline Advertising Expense & 250.00 & \\ \hline Wages Expense & 81,255.00 & 81,255.000 \\ \hline Depreciation Expense & & \\ \hline Total: & & \\ \hline \end{tabular}Step by Step Solution
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