Question

In: Accounting

Required: Prepare closing journal entries. given the following adjusted ledger balance: Cash

Required: Prepare closing journal entries. given the following adjusted ledger balance:

Cash 100,000

Accounts Rec. 300,000

Pre-paid expenses 50,000

Land 100,000

Equip. 400,000

Accum. Depr. 175,000

Accts. Pay. 150,000

Notes Pay. 50,000

STAR Capital 100,000

STAR Drawing 25,000

Income Summary 0

Sales 805,000

Wage Exp. 200,000

Maint Exp. 75,000

Insr.Exp 10,000

Depr. Exp. 20,000

Expert Solution

Closing entries

Accounts and Explanations	Debit	Credit
Sales	$ 8,05,000.00
Income Summery		$ 8,05,000.00
(Revenue accounts closed)

Income Summery	$ 3,05,000.00
Wage exp.		$ 2,00,000.00
Maint exp.		$ 75,000.00
Insr. Exp.		$ 10,000.00
Depr. Exp.		$ 20,000.00
(Expenses Accounts closed)

Income Summery	$ 5,00,000.00
STAR Capital		$ 5,00,000.00
(To close income summery account)

STAR Capital	$ 25,000.00
Star Drawings		$ 25,000.00
(To close Drawings account)

ekkarill92 answered 6 months ago

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