On December 31 2019 the ledger of lopez company tice On December 31, 2019, the l

Question

On December 31 2019 the ledger of lopez company

tice On December 31, 2019, the ledger of Lopez Company contalned the following account balances: Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Narla Lopez, Capital 66,899 Maria Lopez, Drawing 52,80e Salaries Expense 121,588 Utilities Expense 52,e06 187,5e8 5,568 34,809 6,800 5,288 9,3ee 5,889 Fees Income 4,200 Depreciation Expense 5,008 Supplies Expense 6,008 Telephone Expense Prepare the closing entrles for the above transactions. VMew transaction Ist Journal entry worksheet Prepare the closing entry for revenue. Note: Enter deits detore crecits. General Journal Dec 31 2019 Racord sntry

Explanation / Answer

1)

Fees income 107500

Income summary 107500

2)

Income summary 60000

Depreciation expense 5500

Salaries expense 34000

Supplies expense 6000

Telephone expense 5200

Utilities expense 9300

3)

Income summary 47500

Retained earnings 47500

4)

Maria Lopez Capital 52000

Maria Lopez Drawings 52000

  

  

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