Chapter 5 HW - $16,400 To close all expense accounts...

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Brief Exercise 5.6 Cal Tour Coporation General Journal Consulting Revenue Earned……………………………… $26,000  Interest Revenue…………………………………………… $300  Income Summary……………………………………………………. . $26,300  To close revenue earned Income Summary………………………………………… $34,700  Insurance expense…………………………………………………. . $1,900  Rent expense…………………………………………………………… $10,800  Depreciation expense……………………………………………. . $5,600  Salaries expense………………………………………………………
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Unformatted text preview: $16,400 To close all expense accounts Retained Earnings $8,400 Income Summary. . $8,400 To transfer net loss to retained earnings Retained Earnings $400 Dividends $400 To transfer dividends declared during the year to retained earning account. Brief Exercise 5.7 a. C b. C c. D d. N e. C f. N g. N h. C i. D j. N k. C l. C...
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This note was uploaded on 12/13/2009 for the course ACCOUNTING ACCTG 50 taught by Professor B during the Fall '09 term at University of Phoenix.

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