Homework SoursePrepare closing entries If no entry is required for a transa
Prepare closing entries. (If no entry is required for a transaction/event, select \"No journal entry required\" in the first account field.)
| Yang\'s Sport Marketing adjusted trial balance on December 31, 2016, appears in the work sheet as follows: |
Solution
Prepare closing entries :
| Date | accounts & explanation | debit | credit |
| Repair fees earned | 164830 | ||
| Income summary a/c | 164830 | ||
| (To record close of revenue account) | |||
| Income summary a/c | 182590 | ||
| Depreciation expense, equipment | 9300 | ||
| Wages expenses | 105300 | ||
| Insurance expense | 2300 | ||
| Rent expense | 56350 | ||
| Office supplies expenses | 5600 | ||
| Utilities expenses | 3740 | ||
| (TO record close of expenses account) | |||
| Mike Yang, capital | 17760 | ||
| Income summary account | 17760 | ||
| (To record close of income summary account) | |||
| Mike Yang, capital | 40000 | ||
| Mike Yang, withdrawal | 40000 | ||
| (To record close of withdrawal account) | |||
![Prepare closing entries. (If no entry is required for a transaction/event, select \](/WebImages/25/prepare-closing-entries-if-no-entry-is-required-for-a-transa-1063093-1761555655-0.webp "Prepare closing entries. (If no entry is required for a transaction/event, select \")
