Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

yu.instructure.com/cour! In 2019 Bruce Barbershop LLC has the following transactions: Service Revenue $12,000, Salaries and Wages Expense $3,000, Depreciation Expense $500, Utilities Expense $500, Rent

image text in transcribed
image text in transcribed
yu.instructure.com/cour! In 2019 Bruce Barbershop LLC has the following transactions: Service Revenue $12,000, Salaries and Wages Expense $3,000, Depreciation Expense $500, Utilities Expense $500, Rent Expense $2.500, Supplies Expense $500. On January 1, 2019 the Owner's Capital account had a balance of $10,000. During 2019 Bruce withdrew $2,000 cash for personal use. Which of the following closing entries for 2019 would be correct? Closing entries are only required if there was an error. There does not appear to be a error in this case. 5.000 Dr. Owner's Capital 5,000 Cr. Income Summary Dr. Owner's Capital 2,000 Cr. Owner's Drawings 2.000 Dr. income Summary 5,000 Cr. Owner's Capital Dr. Owner's Capital 2.000 5,000 Cr. Owner's Drawings 2,000 Dr. Income Summary 5,000 Cr. Owner's Capital 5,000 D Diar's Drain 21 Launch Meeting - Zoom yu.instructure.com/courses/39793/quizzes/20676/take/que.. Which of the following closing entries for 2019 would be correct? Closing entries are only required if there was an error. There does not appear to be an error in this case. Dr. Owner's Capital 5.000 Income Summary 5.000 Dr. Owner's Capital 2.000 Cr. Owner's Drawings 2000 Dr. Income Summary 5.000 Cr. Owner's Capital 5,000 Dr. Owner's Capital 2,000 Cr. Owner's Drawings 2,000 5,000 Dr. Income Summary 5,000 Cr. Owner's Capital Dr. Owner's Drawings 2,000 Cr. Owner's Capital 2.000 Next Previous 21 DU 80 esc FI F2 F3 # $ %

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

My Favorite Auditor Gave Me This Book

Authors: Funny Planner Publishing

1st Edition

1676058060, 978-1676058069

More Books

Students also viewed these Accounting questions

Question

Discuss when you use the symbols and .

Answered: 1 week ago

Question

Design a job advertisement.

Answered: 1 week ago