Question
Oriole Company has the following year-end account balances on November 30, 2021: Service Revenue $40,000; Insurance Expense $2,800; Rent Expense $8,900; Supplies Expense $1,650; L.
Oriole Company has the following year-end account balances on November 30, 2021: Service Revenue $40,000; Insurance Expense $2,800; Rent Expense $8,900; Supplies Expense $1,650; L. Wilfrid, Capital $44,000; and L. Wilfrid, Drawings $30,000.
Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
| Date | Account Titles and Explanation | Debit | Credit |
| Nov. 30 | Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | ||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| (To close revenue account) | |||
| Nov. 30 | Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | ||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| (To close expense accounts) | |||
| Nov. 30 | Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | ||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| (To close income summary) | |||
| Nov. 30 | Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | ||
| Insurance ExpenseIncome SummaryNo EntryL. Wilfrid, CapitalL. Wilfrid, DrawingsRent ExpenseSupplies ExpenseService Revenue | |||
| (To close drawings account) |
Question Part Score
--/2.5
Calculate the balance in L. Wilfrid, Capital after the closing entries are posted.
| Closing balance | $ |
Question Part Score
--/0.5
Save for Later
Attempts: 0 of 1 used
Submit Answer
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
Quality Audits For Improved Performance
Authors: Dennis R. Arter
3rd Edition
0873895703, 978-0873895705
