Using the adjusted trial balance create a closing entries jo

Using the adjusted trial balance create a closing entries journal

ADJUSTED TRIAL BALANCE May 31, 2019 ACCOUNT TITLE DEBIT CREDIT 44,195.00 8,080.00 715.00 1,600.00 1,225.00 14,500.00 1Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Rent 5 Prepaid Insurance 6 Office Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Salaries Payable 10 Unearned Fees 11 Kelly Pitney, Capital 12 Kelly Pitney, Drawing 660.00 895.00 325.00 3,210.00 42,300.00 10,500.00

Solution

Ans. Accounts Titles Dr. ($) Cr. ($) Fees Earned        40,000       To Income Summary           40,000 Income summary           6,575      To Salaries Expense             1,705     To Rent Rxpense             1,600      To Supplies Expense             1,370      To Depreciation Expense                 330      To Insurance expense                 275     To Misc. Expense             1,295 Income Summary        33,425     To Retained Earning           33,425 ( Hint: $40,000 - $6,575 )