Unformatted text preview: 40,180 iv. Closing the withdrawals account: General Journal Debit Credit D. Santaga, Capital 38,000 D. Santaga, Withdrawals 38,000 Worksheet Learning Objective: 04-P1 Learning Objective: 04-P2 Requirement 2: Prepare the year-end closing entries for Santaga. (Omit the "$" sign in your response.) Closing entries: i. Closing the revenue accounts: General Journal Debit Credit Delivery Fees Earned 274,350 Income Summary 274,350 ii. Closing the expense accounts: General Journal Debit Credit Income Summary 234,170 Depreciation Expense-Trucks 64,000 Salaries Expense 128,670 Office Supplies Expense 17,500 Interest Expense 8,000 Repairs Expense-Trucks 16,000 iii. Closing the Income Summary: General Journal Debit Credit Income Summary 40,180 D. Santaga, Capital 40,180 iv. Closing the withdrawals account: General Journal Debit Credit D. Santaga, Capital 38,000...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.
- Spring '10