Homework Week 3 Chapter 04 exercises core 0 of 1 pt 49 simi

Homework: Week 3 - Chapter 04 exercises core: 0 of 1 pt 4-9 (similar to) HW Score: 0%, 0 of: Rent Expense, $3,800, Advertising $2,500, Timon, Withdrawals, $6,300. Debit

Solution

Give data,

revenue of service=$21100

expense of salaries=$6100

expense of rent=$3800

expense of advertising=$2500

timon.withdrawls=$6300

Closing entries:-

Date	Account and Explanation	Debit	Credit
December 31	Revenue of the Service	$21,100
	Summary of the Income		$21,100
	(To close revenue)
December 31	Summary of the Income	$12,400
	Expense of Salaries		$6,100
	Expense of Rent		$3,800
	Expense of Advertising		$2,500
	(To Close Expenses)
December 31	Summary of Income	$8,700
			$8,700
	(To Close Income Summary)
December 31	Retained Earnings	$6,300