Following are selected accounts and their balances for a company
Question # 00061393
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Updated on: 04/15/2015 06:41 AM Due on: 04/15/2015
1) Following are selected accounts and their balances for a company after all adjustments as of Dec 31, the end of its fiscal year. All accounts have normal balances.
| M. Mandel, Capital | $11,400 |
| M. Mandel, Withdrawals | $4,000 |
| Fees Earned | $25,000 |
| Salaries Expense | $10,000 |
| Insurance Expense | $1,500 |
| Prepaid Insurance | $2,400 |
| Accounts Payable | $1,250 |
| Equipment | $18,000 |
| Depreciation Expense | $1,800 |
Prepare all necessary closing entries for this company.
2) Following are selected accounts and their balances for a company after the adjustments as of July 31, the end of its fiscal year. All accounts have normal balances.
| K. Taylor, Capital | $13,000 |
| K. Taylor, Withdrawals | $5,000 |
| Fees Earned | $25,000 |
| Salaries Expense | $6,500 |
| Utilities Expense | $250 |
| Rent Expense | $500 |
| Accounts Payable | $1,500 |
| Supplies | $300 |
| Depreciation Expense | $2,000 |
Prepare all necessary closing entries for this company.
Prepare all necessary closing entries for this company
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Solution: Following are selected accounts and their balances for a company - get answer asap