From the general journal below prepare the closing ledger accounts and their balances, the Income summary, and retained earning account. Interactive Consulting Ltd General Journal (Closing entries) for the month of September 2020 Date Details Dr $ Cr $ Fees Earned 10,100 Income summary 10,100 To close all revenue accounts Income summary 3,045 Salary Expense 920 Rent expense 800 Supplies Expense 750 Insurance Expense 125 Utilities expense 330 Advertising expense 130 To close all expense accounts Income Summary 7,055 Retained Earnings 7,055 To close the IS account & transfer NI
From the general journal below prepare the closing ledger accounts and their balances, the Income summary, and retained earning account. Interactive Consulting Ltd General Journal (Closing entries) for the month of September 2020 Date Details Dr $ Cr $ Fees Earned 10,100 Income summary 10,100 To close all revenue accounts Income summary 3,045 Salary Expense 920 Rent expense 800 Supplies Expense 750 Insurance Expense 125 Utilities expense 330 Advertising expense 130 To close all expense accounts Income Summary 7,055 Retained Earnings 7,055 To close the IS account & transfer NI
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned...
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From the general journal below prepare the closing ledger accounts and their balances, the Income summary, and retained earning account.
Interactive Consulting Ltd | |||
General |
|||
Date | Details | Dr $ | Cr $ |
Fees Earned | 10,100 | ||
Income summary | 10,100 | ||
To close all revenue accounts | |||
Income summary | 3,045 | ||
Salary Expense | 920 | ||
Rent expense | 800 | ||
Supplies Expense | 750 | ||
Insurance Expense | 125 | ||
Utilities expense | 330 | ||
Advertising expense | 130 | ||
To close all expense accounts | |||
Income Summary | 7,055 | ||
7,055 | |||
To close the IS account & transfer NI | |||
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