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Unformatted text preview: st year end and payroll is $30,000 each time we pay. Assume a 5 day work week. 6. On June 1 st , 2003 we lend $50,000 @ 10% for 1 year w/ principal and interest due at maturity. 7. On November 1 st , 2004 we pay $12,000 for six months rent in advance. 8. Prepare the closing entries: Sales $10,000 Rent Expense $ 500 Salaries Expense $ 1,000 Tax Expense $ 900 Dividends $ 250 a. To close net income b. To close dividends Adjusting Journal Entries Example...
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This note was uploaded on 07/02/2011 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.
- Spring '08