2F2WPB3, 15.1 The following selected accounts and normal balances existed at year-end. Notice that expensesexceed revenue in this period. Make the four journal entries required to close the books:$ 85,500Accounts receivablePrepaid insuranceLand18,00015,000Accounts payable82,350Notes payable35,000Retained earnings129,650Dividends15,000311,000Fees earned revenueSelling expenses210,000105,000Administrative expensesMiscellaneous expense8,500This OpenStax book is available for free at http://cnx.org/content/col25448/1.4MAY24#380F3E4QF4R%5F5TMacBook AirF6

Closing entries are those entries that are used for transferring the balance from the temporary…

PB3. Itd 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $ 85,500 Accounts receivable Prepaid insurance Land 18,000 15,000 82,350 Accounts payable Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 210,000 Selling expenses Administrative expenses 105,000 Miscellaneous expense 8,500

PB3. Itd 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $ 85,500 Accounts receivable Prepaid insurance Land 18,000 15,000 82,350 Accounts payable Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 210,000 Selling expenses Administrative expenses 105,000 Miscellaneous expense 8,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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