After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances were taken from the ledger of Classic Landscaping Services: Line Item Description Amount Bashir Yousif, Capital $1,100,000 Bashir Yousif, Drawing 30,000 Fees Earned 975,000 Wages Expense 580,000 Rent Expense 120,000 Supplies Expense 31,600 Miscellaneous Expense 12,400 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances were taken from the ledger of Classic Landscaping Services: Line Item Description Amount Bashir Yousif, Capital $1,100,000 Bashir Yousif, Drawing 30,000 Fees Earned 975,000 Wages Expense 580,000 Rent Expense 120,000 Supplies Expense 31,600 Miscellaneous Expense 12,400 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances were taken from the ledger of Classic Landscaping Services:
Line Item Description Amount
Bashir Yousif, Capital $1,100,000
Bashir Yousif, Drawing 30,000
Fees Earned 975,000
Wages Expense 580,000
Rent Expense 120,000
Supplies Expense 31,600
Miscellaneous Expense 12,400
Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
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