125% v Insert Table Chart Text Shape Sheet Sheet2l Sheet3 LEARNING OUTCOME # 4 B

Question

125% v Insert Table Chart Text Shape Sheet Sheet2l Sheet3 LEARNING OUTCOME # 4 B-Closing Journal Entries On November 1. 2017, Victoria Garza began Garza Décor, Inc. On December 31st, her adjusted trial balance showed the following (alphabetically arranged) items and amounts. Accounts payable Accounts receivable Cash Fees eaned Notes payable $12,000 Office furnishings $40,000 19,000 Dividends 21,200 Rent expense 34,000 Salaries expense 4.200 250 4,250 Telephone expense 50,000 Retained Eamings ommon Stock Prepare the journal entries to close the temporary accounts. NOTE Input your entries in the table below. For the correct solution, you will use the entire space provided when you leave 1 blank row between each Journal Entry. Journal Date Account Title Debit

Explanation / Answer

31-Dec Fees earned 34000         Income Summary 34000 31-Dec Income Summary 14050        Rent expense 9600        Salaries expense 4200        Telephone expense 250 31-Dec Income Summary 19950         Retained earnings 19950 31-Dec Retained earnings 6000          Dividends 6000

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