I am getting the wrong numbers when I am doing it myself. The assignment is to:
ID: 2558903 • Letter: I
Question
I am getting the wrong numbers when I am doing it myself. The assignment is to:
Close JP Racing's revenue account.
Close JP Racing's expense accounts.
Close JP Racing's income summary account.
Close JP Racing's dividends account.
BALANCE SHEET Liabilities & Stockholders' Equity Liabilities Assets Cash Accounts Receivable Racing Supplies Prepaid Rent Race Car Accumulated Depreciation, Race Car Racing Equipment Accumulated Depreciation, Racing Equipment Total Assets $3,489.20 2,570.00 $300.00 $465.00 $13,500.00 ($450.00) $7,150.00 Accounts Payable Dividends Payable Income Taxes Payable Total Liabilities $3,889.67 $85.00 $820.00 $4,794.67 Stockholders' Equity $21,000.00 Common Stock Retained Earnings Total Stockholders ($90.00) $1,139.53 $22,139.53 $26,934.20 $26,934.20 Equity Total Liabilities & Stock. EquityExplanation / Answer
Closing entry
Date accounts and explanation debit credit Fees Revenue 13680 Income summary 13680 (To close revenue account) Income summary 12455.47 Salary expense 4600 Rent expense 3720 Advertising expense 1021.60 Racing supplies expense 1733.87 Depreciation expense-Race car 450 Depreciation expense-racing equipment 90 Miscellaneous expense 20 Income tax expense 820 (To close expense account) Income summary 1224.53 Retained earnings 1224.53 (To close income summary account) Retained earnings 85 Dividends 85 (To close dividend account)Related Questions
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