Question

3.

Closing Entries.

Given the following information prepare the closing entries in good form for Matox, Incorporated as of December 31, 2016. Prepare the closing entries in good form.

Accounts Payable $30,000

Cash $253,000

Depreciation Expense 35,750

Insurance Expense 12,540

Prepaid Insurance 6,530

Salary Expense 32,874

Service Revenue 543,250

Supplies Expense 97,800

Mavery Roberts, Capital 248,000

Mavery Roberts, Drawing 23,650

Answer 1

Journal Entries
Particulars	Dr Amt	Cr Amt
Service Fees Dr	543,250.00
To Income Summary		543,250.00
Income Summary Dr	178,964.00
To Depreciation Expense		35,750.00
To Insurance expense		12,540.00
To Salary expense		32,874.00
To Supplies expense		97,800.00
Mavery Roberts, Capital Dr	23,650.00
To Mavery Roberts, drawings		23,650.00
Income Summary Dr	364,286.00
To retained earnings		364,286.00