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Prepair Closing Entries? Boxboro Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances. (Click the icon to view the
Prepair Closing Entries?
Boxboro Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances. (Click the icon to view the account balances.) Prepare the closing entries for Boxboro at December 31. Prepare the closing entries for Boxboro at December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First we will close the Service Revenue account. Date Accounts and Explanation Debit Credit Clos. (1) Next we will close the expense accounts. Date Accounts and Explanation Debit Credit Clos. (2) Accounts Payable Now we will close the Income Summary account Date Accounts and Explanation Clos. (3) Debit Credit Finally close the Withdrawals account. Date Accounts and Explanation Debit Credit Clos. (4) - X Account Balances $ $ 4,360 3,300 34,860 1,600 2.200 200 Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Amortization-Equipment Accounts Payable Note Payable (long-term) 1,500 2,500 35,600 1,200 S. Boxboro, Capital S. Boxboro, Withdrawals Service Revenue Amortization Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense 300 1,000 900 5,300 8,400 700 Print DoneStep by Step Solution
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