Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries.
The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. Dobit $ 47,000 Credit $ 585,000 K. Emiko, Withdrawals Sales Sales returns and allowances Sales discounts Cont of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses 20,300 6,400 240,000 62,000 22,000 43,000 119,000 View transaction list 1 Record closing of credit balances in temporary accounts. 2 Record closing of debit balances in temporary accounts. 3 Record closing of income summary account Record closing of withdrawals account. 4 Credit Note = journal entry has been entered Record entry Clear entry View general Journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started