3. On the basis of the following data taken from the Adjusted Trial Balance colu

Question

3. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 for Boles Athletic Company, journalize the four closing entries. Cash s 30,000 45,200 5,000 169,900 Accounts Receivab Supplies Equipment s 32,000 12.500 71,600 Accumulated Depreciation Accounts Payable Capital Stock Dividends Fees Eamed 47,000 510,000 Salary Expense Rent Expense Depreciation Expense Supplies Expense 244,500 48,000 25,000 9.500 2.000 Miscellaneous Expense 5626.100$626.100 Post Ref Debit Date Description Credit

Explanation / Answer

Date Description PR Debit Credit March 31 Fees Earned $510000 Income Summary $510000 (to close revenues account to income summary) March 31 Income Summary $329000 Salary Expense $244500 Rent Expense $48000 Depreciation Expense $25000 Supplies Expense $9500 Miscellaneous Expenses $2000 (to close the expenses account to income summary) March 31 Income Summary $181000 Retained Earnings($510000-$329000) $181000 (to close income summary to retained earnings) March 31 Retained Earnings $47000 Dividends $47000 (to close dividend)

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