complete the closing entries ACCT 1A M. Baker Chapter 4: Financial Statements Ma

Question

complete the closing entries

ACCT 1A M. Baker Chapter 4: Financial Statements Manderlee Cosmetics Co. FOR THE YEAR ENDED JUNE 30, 2016 sh Accounts Receivable 35,000 5,000 2,000 Delivery Trucks40,000 Aeccum. Depreciation payable Accounts Payable Unearned Fees Capital Stock Retained Earnings 20,000 1,000 3,000 30,000 20,000 Dividends 5,000 Consulting Fees 40,000 Rent Expense 12,000 Wages Expense10,900 4,100 Depreciation Expense Total Hond Statement of Retained E Income Statement Revenues Retainad Earnin Expenses Retained Earnings, Ending ro Total Expense ma Balance Sheet LIABILITIES ASSETS Current Liabilities: Current Assets aned te Tot al Liabilities b00 out Total Curre nt Asset:s STOCKHOLDER'S EQUITY Plant, & Eq Tot al Stockholder's Equity Total Property, Plant, & Equipment Total Assets Total Liabilities & Stockholder's Equity

Explanation / Answer

Closing entries :

Date accounts & explanation debit credit Consulting fees 40000 Income summary 40000 Income summary 27000 Rent expense 12000 Wages expense 10900 Depreciation expense 4100 Income summary 13000 Retained earnings 13000 Retained earnings 5000 Dividends 5000

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