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assignment 4 .docx - FINANCIAL ACCOUNTING I ASSIGNMENT IV...

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FINANCIAL ACCOUNTING IASSIGNMENT IVName: Amritpal MattuDue:Marks _______ /4Given the following adjusted account balances in random order,prepare the CLOSING entries on December 31, XX. Use the back ofthe paper if you need more room or submit your answer on aseparate page or document.Cash 35,000Tom Smith, Capital 85,000Accounts Payable 33,000Revenue 84,000Deprec. Expense building 12,000Salary Expense 29,000Interest Revenue 24,000Prepaid Rent 9,000Supplies Expense 6,000Note Payable 71,000Land 65,000Accounts Receivable 32,000Accum. Deprec. Building 12,000Unearned Revenue 3,000Tom Smith, Withdrawals 20,000Rent Expense 15,000Building 95,000Supplies 4,000Interest expense 4,000Type your answers on a Word and/or Excel document.To close income accounts:DR: Revenue 84,000
DR: Interest Revenue 24,000CR: Income Summary 108,000To close expense accounts:DR: Income Summary 66,000CR: Salary Expense 29,000CR: Supplies Expense 6,000CR: Depreciation Expense - Building 12,000CR: Rent Expense 15,000CR: Interest Expense 4,000Closing entry for Income Summary is:DR: Income Summary 42,000CR: Retained Earnings 42,000Explanation:

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Term
Spring
Professor
N/A
Tags
Revenue, Generally Accepted Accounting Principles, Double entry bookkeeping system, Tom Smith, Close income accounts

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