Preparing closing entries

Requirement 3. Prepare closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry tale) Start by dosing revenues Review the Income Statement columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Clos (1) Close expenses for the period Review the income Statement columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Dec 31 Credit Clos 2 Close Income Summary Review the Income Statement columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Clon (3) Close withdrawals Review the Balance Sheet columns of the worksheet completed in Requirement 1 Date Accounts and Explanation Debit Credit Dec 31 Clos (4) Fawn Investment Advisers Worksheet December 31, 2016 Adjusted Adjustments Trial Balance Income Balance Unadjusted Trial Balance Statement Sheet Acct. Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 29 000 500 29500 29500 Cash AR e 10000 58000 48.000 9.000 58000 6000 3000 6000 27 000 27000 27000 18000 18000 18,000 18.000 18000 18000 60001 6000 6000 Office Supp Equipment AND Equip AP Salaries Pay Unear Rev NIP (W Fawn Cap Fawn, WD Service Rey 5,000 500 4500 4500 20000 20.000 20000 52000 52.000 52000 11 33.000 33000 3300D 89.000 10000 99000 99000 7000 7000 7000 34.000 d 6000 40000 40000 ins. Exp Salaries Exp Supplies Exp Interest Exp Rent Exp Dopr. Exp 8000 8000 8.000 7.000 7000 7000 2000 2000 2000 202.000 202.000 19000 Total 19000 217500 217500 64000 99000 153500 118500 Net income or los 35000 35000 99000 99000 153500 153500