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Unformatted text preview: interest due at maturity. 6. We begin the year with $3,000 of supplies and purchase $10,000 more during the year. At year end we count and find that we have $1,500 left. Prepare the necessary adjusting entry. 7. 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 02/20/2012 for the course ACCT 225 taught by Professor Canace during the Fall '08 term at South Carolina.
- Fall '08