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The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;...

The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #4 by selecting the account names and dollar amounts from the drop-down menus.

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Closing Entries
No Accounts and Explanations Debit Credit
1 Fees earned $      56,000.00
Income Summery $      56,000.00
(Revenue accounts closed)
2 Income Summery $      48,000.00
Depreciation expense $      25,000.00
Salaries expense $      23,000.00
(Expenses Accounts closed)
3 Income summery $         8,000.00
Owner's capital $         8,000.00
(Net income (loss) transferred)
4 Owner's capital $         2,000.00
Owner's withdrawals $         2,000.00
(To close owner's withdrawal account)

ekkarill92 answered 1 year ago
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