n December 31, 2019, the ledger of Lopez Company contained the following account

Question

n December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing $ 52,000 Accounts Receivable 5,800 Fees Income 107,500 Supplies 4,200 Depreciation Expense 5,500 Equipment 52,000 Salaries Expense 34,000 Accumulated Depreciation 5,000 Supplies Expense 6,000 Accounts Payable 6,000 Telephone Expense 5,200 Maria Lopez, Capital 121,500 Utilities Expense 9,300 Prepare the closing entries for the above transactions.

I need the journal entries

Explanation / Answer

Particulars Debit Credit 12/31/2019 Depreciation Expenses        5,500.00 Accumulated Depreciation        5,500.00 Transferring Depreciation to Accumulated Depreciation account 12/31/2019 Income Summary      60,000.00 Supplies Expenses        6,000.00 Depreciation Expenses        5,500.00 Salaries Expenses      34,000.00 Telephone Expenses        5,200.00 Utilities Expenses        9,300.00 Close Expense accounts to Income summary 12/31/2019 Fees Income 1,07,500.00 Income summary 1,07,500.00 Close Income accounts to Income summary 12/31/2019 Income summary      47,500.00 Maria Lopez, Capital      47,500.00 Closing Income Summary 12/31/2019 Maria Lopez, Capital      52,000.00 Maria Lopez, Drawing      52,000.00 Closing Drawings to Capital account

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