Unformatted text preview: 23,000 Record depreciation for period. Vouchers Payable 243,000 Cash 243,000 Pay approved vouchers. Closing entries: Billings to Departments 292,000 Costs of Printing Jobs 204,000 Operating Expenses 38,000 Depreciation Expense 23,000 Profit and Loss Summary 27,000 Close nominal accounts. Profit and Loss Summary 27,000 Net Assets – Unrestricted 27,000 Close profit and loss summary. Net Assets – Invested in Capital Assets, Net of Related Debt 18,300 Net Assets - Unrestricted 18,300 Reclassify net assets as of end of period: $18,300 = (ending balance of $191,700 net capital assets less $0 related debt ) less $210,000 beginning balance in net assets invested....
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- Fall '11
- Depreciation, Expense, Generally Accepted Accounting Principles, $0, net assets