Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*** The ledger of Oriole Company contains the following balances: Owner's Capital $29.700, Owner's Drawings $2,800, Service Revenue $51,000, Salaries and Wages Expense $26,000, and

image text in transcribed
image text in transcribed
*** The ledger of Oriole Company contains the following balances: Owner's Capital $29.700, Owner's Drawings $2,800, Service Revenue $51,000, Salaries and Wages Expense $26,000, and Supplies Expense $6,100. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income/ (loss)) Dec. 31 The ledger of Blossom Company contains the following balances: Owner's Capital $28,600, Owner's Drawings $2,200, Service Revenue $50,000, Salaries and Wages Expense $28,300, and Supplies Expense $6,400. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Supplies Expense Service Revenue Owner's Drawings >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Reporting Standards ImplementationA Global Experience

Authors: Mohammad Nurunnabi

1st Edition

1801174415, 9781801174411

More Books

Students also viewed these Accounting questions