Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

SAP Audit Black Book

Authors: Bhushan Jairamdas Mamtani

1st Edition

9351194086, 978-9351194088

More Books

Students also viewed these Accounting questions

Question

Finding the domain The domain (Do) f the function f(x)=I/x-12 is,

Answered: 1 week ago

Question

Why do mergers and acquisitions have such an impact on employees?

Answered: 1 week ago

Question

2. Describe the functions of communication

Answered: 1 week ago