28000 48000 Interest Revenue 2800 4800 Journal entry workshe

$28,000 48,000 Interest Revenue 2,800 4,800 Journal entry worksheet 2018

Solution

Closing journal entries -(Numbering is done per line items)

2) profit and loss appr/ income and expense A/c Dr. 2800 $

To dividend A/c. 2800 $

3). Service Revenue a/c dr. 48000$

To Trading/ income and expense a/c. 48000 $

4) interest revenue a/c dr. 5800 $

To income and expense a/c. 5800$

5) Income and expense a/c Dr. 14800$

To salary A/c. 14800 $

6) cumulative entry for remaining item -

Income and expense account dr. 24200 $

To Rent expense 5800 $

To Depreciation. 10800 $

To Interest expense 4800 $

To Advertising expense 2800 $

Note - retained earning balanve will go in balance sheet under equity section.