Answered step by step
Verified Expert Solution
Question
1 Approved Answer
uestion 3 [15 points] lowing is the adjusted trial balance with accounts listed in alphabetical order for Travic Parts at October 31, 2014. Use this
uestion 3 [15 points] lowing is the adjusted trial balance with accounts listed in alphabetical order for Travic Parts at October 31, 2014. Use this information to prepare the closing entries. Use the numbers low as the description for the corresponding closing.entry, 1. Close all temporary credit balance accounts to the income summary account 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to capital 4. Close the income summary (net loss) to capital 3 Close withdrawals to capital er the dates in the format dd/mmm (ie. 15/Jan) Date General Journal AccountExplanation Page GJS F Debit Credit 1,990 Travic Parts Adjusted Trial Balance October 31, 2014 Debit Credit Accounts recevable 14,470 Accumulated depreciation, furniture Capital 16,670 Cash 8110 Commissions earned 13,050 Depreciation expense, furniture 690 Furniture 19,490 Interest eamed 3240 Rent earned 11,850 Salanes expense 15,940 Salaries payable 13,510 Withdrawals 1,610 Totals 60,310 60,310 Type here to search O RI 67
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