Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I only need help with the red boxes, thank you!! Before After Adjustment Adjustment Dr. Cr Dr.Cr. $11,970 9,270 2,690 4,470 15,600 $11,970 9,950 1,090
I only need help with the red boxes, thank you!!
Before After Adjustment Adjustment Dr. Cr Dr.Cr. $11,970 9,270 2,690 4,470 15,600 $11,970 9,950 1,090 3,050 15,600 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense $3,510 5,100 0 2,010 18,750 5,560 $4,710 5,100 1,810 1,080 18,750 5,560 2,540 2,540 32,340 33,020 12,420 13,350 16,250 0 16,900 0 18,060 1,600 16,900 1,420 Rent Expense Insurance Expense Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 18,750 18,750 5,560 5,560 2,540 2,540 32,340 33,020 12,420 13,350 18,060 1,600 16,900 1,420 1,200 $79690 $79.690 583.380 16,250 0 16,900 0 0 $83.380 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amou automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31Service Revenue 33020 Rent Revenue 13350 Income Summary 46370 (To close revenue accounts) uC 21 Date Account Titles and Explanation Debit Credit Aug. 31 Service Revenue 33020 Rent Revenue 13350 Income Summary 46370 (To close revenue accounts) Aug. 31 Income Summary 46370 Salaries and Wages Expense 18,060 Supplies Expense 1600 Rent Expense 16900 Insurance Expense 1420 Depreciation Expense 1200 (To close expense accounts) Aug. 31 Income Summary 0 Retained Earnings 0 (To close income/ (loss)) Aug. 31 Retained Earnings 2540 DividendsStep 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