4-7 - 40,180 iv. Closing the withdrawals account: General...

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Page 7 of 9 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 8. award: 1 out of 1 point Depreciation expense—Trucks 48,000 16,000 0 64,000 0 64,000 0 0 0 Salaries expense 128,670 0 0 128,670 0 128,670 0 0 0 Office supplies expense 14,000 3,500 0 17,500 0 17,500 0 0 0 Interest expense 6,000 2,000 0 8,000 0 8,000 0 0 0 Repairs expense—Trucks 16,000 0 0 16,000 0 16,000 0 0 0 Totals 792,670 792,670 21,500 21,500 810,670 810,670 234,170 274,350 576,500 536,320 Net Income 40,180 0 0 40,180 Totals 274,350 274,350 576,500 576,500 Requirement 2: Prepare the year-end closing entries for Santaga. (Omit the "$" sign in your response.) Closing entries: i. Closing the revenue accounts: General Journal Debit Credit Delivery Fees Earned 274,350 Income Summary 274,350 ii. Closing the expense accounts: General Journal Debit Credit Income Summary 234,170 Office Supplies Expense 17,500 Interest Expense 8,000 Depreciation Expense-Trucks 64,000 Repairs Expense-Trucks 16,000 Salaries Expense 128,670 iii. Closing the Income Summary: General Journal Debit Credit Income Summary 40,180 D. Santaga, Capital
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Unformatted text preview: 40,180 iv. Closing the withdrawals account: General Journal Debit Credit D. Santaga, Capital 38,000 D. Santaga, Withdrawals 38,000 Worksheet Learning Objective: 04-P1 Learning Objective: 04-P2 Requirement 2: Prepare the year-end closing entries for Santaga. (Omit the "$" 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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