Question
On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash$32,100Maria Lopez, Drawing$12,600Accounts Receivable2,450Fees Income49,250Supplies1,650Depreciation Expense2,300Equipment25,100Salaries Expense16,100Accumulated Depreciation2,050Supplies Expense2,550Accounts Payable2,550Telephone Expense2,150Maria
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash$32,100Maria Lopez, Drawing$12,600Accounts Receivable2,450Fees Income49,250Supplies1,650Depreciation Expense2,300Equipment25,100Salaries Expense16,100Accumulated Depreciation2,050Supplies Expense2,550Accounts Payable2,550Telephone Expense2,150Maria Lopez, Capital47,350Utilities Expense4,200
Prepare the closing entries for the above transactions.
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Managerial Accounting
Authors: James Jiambalvo
3rd Edition
0470038152, 978-0470038154
