Question
The end of the period account balances after adjustments of Luisa Records are as follows: Cash 58,000 Supplies 3,500 Prepaid rent 6,600 Equipment 87,500 Accumulated
The end of the period account balances after adjustments of Luisa Records are as follows:
Cash 58,000
Supplies 3,500
Prepaid rent 6,600
Equipment 87,500
Accumulated depreciation Equipment 45,000
Accounts payable 11,500
Owners capital 76,400
Owners drawing 9,000
Service revenues 330,000
Supplies expense 25,000
Depreciation expense 31,000
Rent expense 110,100
Salaries and wages expense 98,200
Utilities expense 45,000
Prepare the end of the period closing entries for Luisa records. Post the entries into the following accounts 1) service revenues 2) expenses 3) income summary 4) owners drawings
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