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PLEASE HELP acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance
PLEASE HELP
acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Accounts and explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 100,000 Dec 31 Income Summary 46,000 Income Summary 100,000 Retained Earnings 46,000 To close Revenue To close Income Summary Date Accounts and explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Retained Earnings 15.000 Dec. 31 Income Summary 54,000 15.000 Dividends Depreciation Expense-Furniture 9.000 12,000 Interest Expense To close Dividends Rent Expense 5,000 Salaries Expense 10.000 Supplies Expense 18.000 To dose Expenses Interest Expense Salaries Expense Adj. Bat 12,000 12,000 Adj. Bal 10,000 10,000 B 0 0 Retained Earnings income Summary 15,000 37,000 Adj. Bal 46,000 0 Step by Step Solution
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