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help please !!! Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July
help please !!!
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital Violet Lozano, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $934,500 66,000 545,000 342,400 52,900 17,200 5,400 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS Creative Images Co. General Ledger ASSETS REVENUE 41 Fees Earned 11 Cash 12 Accounts Receivable 13 Prepaid Rent 14 Supplies EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees EQUITY 31 Violet Lozano, Capital 32 Violet Lozano, Drawing Joumalize the two entries required to close the accounts. Refer to the chart of accounts for the exact w journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will JOURNAL DATE POST. REF. D DESCRIPTION Closing Entries 3 4 5 6 7 chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for redit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Step by Step Solution
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