Question
The December 31, 2013, adjusted trial balance of Success Systems (reflecting its transactions from October through December of 2013) follows. No Account Title Debit Credit
The December 31, 2013, adjusted trial balance of Success Systems (reflecting its transactions from October through December of 2013) follows.
No Account Title Debit Credit 101 Cash $ 51,634 106 Accounts receivable 5,168 126 Computer supplies 670 128 Prepaid insurance 1,665 131 Prepaid rent 770 163 Office equipment 8,200 164 Accumulated depreciationOffice equipment $ 410 167 Computer equipment 21,200 168 Accumulated depreciationComputer equipment 1,325 201 Accounts payable 1,700 210 Wages payable 400 236 Unearned computer services revenue 2,400 301 A. Lopez, Capital 71,000 302 A. Lopez, Withdrawals 8,000 403 Computer services revenue 36,499 612 Depreciation expenseOffice equipment 410 613 Depreciation expenseComputer equipment 1,325 623 Wages expense 3,300 637 Insurance expense 555 640 Rent expense 2,310 652 Computer supplies expense 3,675 655 Advertising expense 2,693 676 Mileage expense 774 677 Miscellaneous expenses 210 684 Repairs expenseComputer 1,175 901 Income summary 0 Totals $ 113,734 $ 113,734
Required: 1.
Record the closing entries for Success Systems.
1. Record closing of the revenue account. 2. Record closing of the expense accounts 3. Record closing of the income summary account. 4. Record closing of the withdrawals account.
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