onnectmheducat Help Save & Exit hapter 03: Adjusting Accounts for Financial Stat

Question

onnectmheducat Help Save & Exit hapter 03: Adjusting Accounts for Financial Statements Describe and prepare closing entries. Journal Entry The company's adjusted triai balance as tollows includes the tollowing accounts balances: Cash, $15,000 Equipment, s85,000, Accumutated Depreciation, $25,000, Accounts Payable,$10,000. Retained Eamings, $59,000 Dividends, $2,000, Fees Eaned, $56,000, Deprediation Expense, S25,000, and Salanes Expense, $23,000 All accounts have normal balances Prepare closing entry #1 by selecting the account names and dollar amounts from the drop-down menus Account Title Dec. 31 Equipment 85,000 select Depreciation Expense 5,000 select 5 8 9

Explanation / Answer

31-Dec Fees earned 56000        Income Summary 56000 31-Dec Income Summary 48000        Depreciation expense 25000        Salaries expense 23000 31-Dec Income Summary 8000         Retained earnings 8000 31-Dec Retained earnings 2000         Dividends 2000

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