After the accounts have been adjusted at January 31, the end of the year, the fo

Question

After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Harrison Taylor, Capital Harrison Taylor, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $349,000 6,000 124,600 29,000 43,000 7,300 5,700 Journalize the entries required to close the accounts. If an amount box does not require an entry, leave it blank. Jan. 31 Fees Earned Wages Expense 29,000 Rent Expense Supplies Expense Miscellaneous Expense 43,000 7,300 5,700 Harrison Taylor, Capital Jan. 31 Harrison Taylor, Capital Harrison Taylor, Drawing

Explanation / Answer

Solution: Journal Entries Date Accounts Debit Credit Jan-31 Fees Earned 1,24,600.00 Wages Expenses 29,000.00 Rent Expenses 43,000.00 Supplies Expenses     7,300.00 Misc. Expenses     5,700.00 Harrison Taylor, Capital 39,600.00 Jan-31 Harrison Taylor, Capital        6,000.00 Harrison Taylor, Drawing     6,000.00 Service Revenue 1,86,000.00 Depreciation Expenses 13,500.00 Insurance Expenses     2,510.00 Rent Expenses 32,700.00 Salary Expenses 41,390.00 Supplies Expenses     2,500.00 Ramona Cross, Capital 93,400.00 Ramona Cross, Capital      48,000.00 Ramona Cross, Drawing 48,000.00

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