Question
Pips Puppy Company has the following Trial Balance Account Name Debit Credit Cash $173,750 Accounts Receivable $30,000 Inventory $50,000 Accounts Payable $50,000 Pips Capital $117,000
Pips Puppy Company has the following Trial Balance
Account Name Debit Credit
Cash $173,750
Accounts Receivable $30,000
Inventory $50,000
Accounts Payable $50,000
Pips Capital $117,000
Pips Drawing $15,000
Revenue $240,000
Salary Expense $90,000
Rent Expense $25,000
Insurance Expense $19,500
Tax Expense $3,750
Total $407,000 $407,000
Required:
- Record the CLOSING entries in the Journal
- What is the ending Balance in Pips Capital Account after closing?
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Authors: Tom Litton, Poppy Behrens, Erica Shatzer, George Bernal
1st Edition
0977157814, 978-0977157815
