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how do I prepare the closing entries with the following information options for titles and explanation July 31, 2021 Debit Credit Cash $2,800 Accounts receivable
how do I prepare the closing entries with the following information
options for titles and explanation
July 31, 2021 Debit Credit Cash $2,800 Accounts receivable 11,450 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation-equipment $5,700 Patents 18,300 Accounts payable 4,245 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,400 B. Ivanhoe, capital 28,285 B. Ivanhoe drawings 17,500 Service revenue 74,700 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 36,950 Supplies expense 20,850 $161,450 $161,450 Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 > (To close expense accounts) July 31 (To close profit to capital) July 31 (To close drawings account) B. Ivanhoe, Capital O B. Ivanhoe, Drawings O Depreciation Expense O Interest Expense O Interest Revenue O Income Summary O No Entry Rent Expense O Service Revenue O Salaries Expense O Supplies Expense OStep by Step Solution
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