Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help redoing this part of my assignment, i got it wrong and i need to fix the mistake. Its the Closing Entries part
i need help redoing this part of my assignment, i got it wrong and i need to fix the mistake.
Its the Closing Entries part of the financial statements process. i will put the closing entries below that i submitted. and underneath it i will tell you where its wrong.
A Company Closing Entries Month ending 06/30/20XX | |||
Date | Accounts | Debit | Credit |
30-Jun | Service Revenue | 5,525.00 | |
Income Summary | 5,525.00 | ||
Close revenues | |||
30-Jun | Income summary | 2,960.00 | |
Telephone Expense | 155.00 | ||
Repairs and Maintenace Expense | 210.00 | ||
Advertising Expense | 250.00 | ||
Business License Expense | 250.00 | ||
Wages Expense | 650.00 | ||
Rent Expense | 1,195.00 | ||
Depreciation Expense | 250.00 | ||
Close Expenses | |||
30-Jun | Owner's Capital | 51,565.00 | |
51,565.00 | |||
Close Income Summary | |||
30-Jun | Owner's Equity | 1,000.00 | |
Owner's Drawings | 1,000.00 | ||
Close Owners Draw | |||
61,050.00 | 61,050.00 |
So now, i need help fixing my mistakes. the feedback stated that i made a mistake in the 3rd step of the closing entries process. help me come up with the correct closing entries amounts for that step. My amount isnt correct.
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