Provide the closing entry for the following trial balance at year end: DR. CR. Cash &n

Provide the closing entry for the following trial balance at year end:

DR. CR.

Cash $5,275

A/R $1,850

Equipment $56,480

A/P $12,350

Owners Capital $70,405

Owners Withdrawals $6,000

Revenue $85,000

Cost of Goods Sold $25,000

Salaries $50,000

Payroll Taxes $8,900

Utilities $13,800

Expert Solution

Account Titles	Debit	Credit
Revenue	$ 85,000
Income Summary		$ 85,000

Income Summary	$ 97,700
Cost of Goods Sold		$ 25,000
Salaries		$ 50,000
Payroll Taxes		$ 8,900
Utilities		$ 13,800

Owners Capital	$ 12,700
Income Summary		$ 12,700

Owners Capital	$ 6,000
Owners Withdrawls		$ 6,000

ekkarill92 answered 1 year ago

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