Utilize the adjusted values to perfrom the closing entries for Ladonna Douglas C

Question

Utilize the adjusted values to perfrom the closing entries for Ladonna Douglas Company Utilize the adjusted values to perfrom the closing entries for Ladonna Douglas Company 4. The following adjusted tial balance is the result of the adjustments made at the end of the mont of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company 34,750.00 9,750.00 2,525.00 4,785.00 10,750.00 Cash Accounts Receivable Office Supplies Store Supplies Machinery 2,150.00 14,300.00 11,500.00 Accumulated Depreciation Accounts Payable Notes Payable Ladonna Douglas, Capital Ladonna Douglas, Drawing Service Revenue Wages Expense Rent Expense Advertising Expense 53,725.00 41,500.00 13,250.00 Office Supplies Expense Store Supplies Expense Depreciation Expense 37,425.00 3,000.00 2,750.00 1,465.00 2,150.00 575.00

Explanation / Answer

Accounts tItle Dr Cr a Service revenue $41,500 Income summary $41,500 (being service revneu closed to income summary) b Income summary $47,185 Wages expenses $37,245 Rent expenses 3000 Advertising expenses 2750 office supplies expenses 1465 store supplies expenses 2150 Depreciation expenses 575 (being expenses closed to income summary) c Ladonna Douglas Capital $13,250 Ladonna Douglas Drawing $13,250 (being drawings account closed) d Ladonna Douglas Capital $5,685 Income summary (47185-41500) $5,685 (being income summary account closed , there is loss hence capital account is debited) If any doubt please comment. If satisfied you can rate

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