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1. Record to close the revenue account to the income summary 2. Record to close

ID: 2517167 • Letter: 1

Question

1. Record to close the revenue account to the income summary

2. Record to close the expense account to the income summary

3. Record to close the income summary to capital

4. Record to close withdraws to capital.

The March 31, 2014, adjusted trial balance for Brenner Climbing Adventures has been alphabetized as follows Account Debit Credit $ 3,100 0 201 103 168 300 Accounts payable Accounts receivable Accumulated depreciation, equipment Becky Brenner, capital $ 8,100 8,000 36,190 01 Becky Brenner, withdrawals 101 Cash 194 Copyright 606 Depreciation expense, equipment 167 Equipment 633 Insurance expense 623 Interest expense 141 Notes receivable, due January 1, 2017 233 Long-term notes payable 610 Rent expense 402 Revenues 126 Supplies 637 Supplies expense 652 Telephone expense 203 Unearned revenues 688 Utilities expense 612 Wages expense 32,200 10,600 7,500 1,000 24,000 2,375 110 11,000 21,000 8,500 69,515 370 2,300 2,800 10,100 2,650 34,400 Totals $147,905 $147,905 Required Journalize the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Explanation / Answer

Closing entry :

Date accounts & explantion debit credit Revenue 69515     Income summary 69515 (To close revenue account) Income summary 54135     Depreciation expense 1000      Insurance expense 2375      Interest expense 110      Rent expense 8500     Supplies expense 2300      Telephone expense 2800      Utilities expense 2650     Wages expense 34400 (To close expense account) Income summary 15380      Becky Brenner's capital 15380 (To close income summary) Becky Brenner's capital 32200    Becky Brenner's withdrawal 32200 (To close withdrawal account)