Transactions:

• 1

  Record the entry to close the revenue accounts.

• 2

  Record the entry to close the expense accounts.

Required Information Exercise 3-21B Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1. Year 1. the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 25, 3ee Accounts Receivable 6,7ee Supplies 4,600 Land 65, eee Accounts Payable $4,780 Common Stock 89,888 Retained Earnings 16,980 Totals $191,600 $191,680 During Year 1. the following transactions occur. January 2 Purchase rental space for one year in advance, $19,500 ($875/month). January 9 Purchase additional supplies on account, $5,eee. January 13 Provide services to customers on account, $27,89e. January 17 Receive cash in advance from customers for services to be provided in the future, $5,200. January 20 Pay cash for salaries, $13,000. January 22 Receive cash on accounts receivable, $25,680. January 29 Pay cash on accounts payable, $5,580. Exercise 3-21B Part 6 8. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet