Question
The ledger ofBlossomCompany contains the following balances: Owner's Capital $28,000, Owner's Drawings $1,000, Service Revenue $48,000, Salaries and Wages Expense $25,000, and Supplies Expense $6,000.
The ledger ofBlossomCompany contains the following balances: Owner's Capital $28,000, Owner's Drawings $1,000, Service Revenue $48,000, Salaries and Wages Expense $25,000, and Supplies Expense $6,000.
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 ? ? ?
? ? ?
(To close drawings)
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