Accounting 211-February 1st, 1999

Accounting 211-February 1st, 1999 - Income Summary 5,200...

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Accounting 211 Monday, February 1st, 1999 Announcements: none Lecture notes: Chapter 4 Homework: Questions: 2. Closing entries clear revenue, expense, and dividend accounts of their balances which sets the stage for the next period and they summarize a period's revenues and expenses. 3. Adjusting entries give the correct balance, while closing entries give a zero balance. 4. The Income Summary Account provides a place to summarize all revenues and expenses and move them to Retained Earnings. Short Exercises: 1.
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Patient Services 3,400 Lab Fees
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Unformatted text preview: Income Summary 5,200 To close Revenue accounts 2. Income Summary 3,000 Rent Expense 1,400 Wage Expense 1,100 Other Expenses 500 To close Expense accounts 3. Income Summary 2,200 Retained Earnings 2,200 To close Income Summary account 4. Retained Earnings 800 Dividends 800 To close Dividends account Exercises: 1. Entry #1: Sales Commission Earned 31,700 Income Summary 31,700 Entry #2: Income Summary 23,275 Office Salaries Expense 13,500 Advertising Expense 2,525 Rent Expense 2,650 Telephone Expense 1,600...
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