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RD
RD, Certified Public Accountant (CPA)
Category: Finance
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Experience:  MBA, CPA
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How to do a 4 journal entries to close the revenue accounts

Customer Question

How to do a 4 journal entries to close the revenue accounts to income summary, close the expense accounts to income summary,transfer the net income/loss to owner's capital anc close (transfer) the owner's drawing account to owner's capital for these accounts----account payable 40.000, account receivable 54.500, accumulated depreciation 83.325, cash 7.150, depreciation expense 23.500, equipment 155.000, insurance expense 8.600, prepaid insurance 5.275, rent expense 21.400, salary expense 66.000, salaries payable 150, service revenue 151.000, supplies 2.500, supplies expense 3.500, pat smythe capital 100.950 & pat smythe drawing 28.000
Submitted: 5 years ago.
Category: Finance
Expert:  RD replied 5 years ago.

Link to soln

 

soln

 

 

 

 

RD, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 8784
Experience: MBA, CPA
RD and 3 other Finance Specialists are ready to help you
Customer: replied 5 years ago.
Relist: No answer yet.
Expert:  RD replied 5 years ago.
Solution is provided in the link that I posted on my post. Please click on the hyperlink - soln
Customer: replied 5 years ago.

My bank account have been charged a total of 13 dollars, but I havn't received my answer to my question

Expert:  RD replied 5 years ago.

I posted the solution yesterday.

 

I will also post an image for your reference-

 

graphic

 

graphic

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