PROBLEM 1CLOSING ENTRIES

INSTRUCTIONS: Indicate the accounts to be debited and credited to record the selected closing entries described below by inserting the letter designations in the appropriate columns.

ACCOUNTS

A. Advertising Expense C. Dividends E. Income Summary G. Supplies

B. Retained Earnings D. Fees Earned F. Supplies Expense H. Unearned Revenue

DESCRIPTIONS	Debit	Credit
0. Close the advertising expense account .........................................................
12. Close the supplies expense account ..............................................................
34. Close the revenue account ..............................................................................
56. Close the dividends account ............................................................................
78. Close the income summary account (assume net income) ........................