Question
The Ibrahim Establishment prepared the following financial data: Trial Balance Account Debit Credit Cash 10,000 Accounts receivable 25,000 Building 40,000 Accounts payable 25,000 Capital 45,000
The Ibrahim Establishment prepared the following financial data:
| Trial Balance |
|
|
| Account | Debit | Credit |
| Cash | 10,000 |
|
| Accounts receivable | 25,000 |
|
| Building | 40,000 |
|
| Accounts payable |
| 25,000 |
| Capital |
| 45,000 |
| Withdrawals | 500 |
|
| Revenue |
| 12,000 |
| Supplies expense | 2,000 |
|
| Rent expense | 1,800 |
|
| Gas expense | 200 |
|
| Utilities expense | 1,000 |
|
| Wages expense | 1,500 |
|
| Total | 82,000 | 82,000 |
Required:
Prepare closing entries
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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
Accounting For Beginners
Authors: Kokab Rahman
1st Edition
149479294X, 978-1494792947
