ABC had total revenues of $625,000 for the month of July. Total expenses for the same...

ABC had total revenues of $625,000 for the month of July. Total expenses for the same period were, salaries $200,000, supplies $21,000, utilities $13,000 and depreciation $57,000. Prepare the closing entries.

Expert Solution

Accounting Titles and Explanations	Debit	Credit

Sales Revenue (or) Revenues	$ 625,000
Income summary		$ 625,000
(To close Revenue Accounts )

Income summary	$ 291,000
Salaries expense		$ 200,000
Supplies expense		$ 21,000
Utilities expense		$ 13,000
Depreciation expense		$ 57,000
(To close Expense Accounts )

Income summary ( $ 625,000 (-) $ 291,000 )	$ 334,000
Retained Earnings		$ 334,000
(To close net Income/ Loss )

ekkarill92 answered 2 years ago

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