1 answer

Im not sure about my selections and numbers that I plugged in, just ignore please Closing...

Question:

Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were takeim not sure about my selections and numbers that I plugged in, just ignore please

Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Bollinger Services Co.: Retained Earnings $441,180 Dividends 30,000 Fees Earned 502,350 342,000 Wages Expense Rent Expense Supplies Expense 82,100 30,780 Miscellaneous Expense 10,260 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank. Nov. 30 Cash 42,500 Accounts Receivable 42,500 Accounts Payable Nov. 30 Fees Earned II

Answers

Journal

Date

Account Title and Explanation

Debit

Credit

Nov 30 Fee earned 502,350
Wages expense 342,000
Rent expense 82,100
Supplies expense 30,780
Miscellaneous expense 10,260
Retained earnings 37,210
(To close revenue and expenditure)
Nov 30 Retained earnings 30,000
Dividends 30,000
(To close dividends)

Income statement

Revenues:
Fee earned 502,350
Expenses:
Wages expense 342,000
Rent expense 82,100
Supplies expense 30,780
Miscellaneous expense 10,260
Total expenses -465,000
Net income $37,210
.

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