Question

Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: Oscar Killingsworth, Capital $503,900 Oscar Killingsworth, Drawing 8,200 Fees Earned 279,100 Wages Expense 221,600 Rent Expense 43,800 Supplies Expense 9,000 Miscellaneous Expense 10,200 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.

Answer 1

Answer:

Dr Income summary 284,600

    Cr Wages Expense 221,600

    Cr Rent Expense 43,800

    Cr Supplies Expense 9,000

    Cr Miscellaneous Expense 10,200

Dr Fees earned 279,100

    Cr Income summary 279,100

Dr Oscar Killingsworth, Capital 5,500

    Cr Income summary 5,500