contestada

Adventure Travel has an Adjusted Trial Balance for Year Ended December 31, 20XX with the following account balances:

DEBITS: Cash: 25,000; Accounts Receivable: 15,000; Office Supplies: 4,300; Office Equipment: 29,600

CREDITS: Accumulated depreciation - office equipment: 5,000; Salaries Payable: 2,800; Long-term notes payable: 22,200; Common Stock: 20,000; Retained Earnings: 10,260

DEBIT: Cash Dividends: 1,000

CREDITS: Fees Earned: 75,000

DEBITS: Salaries Expense: 32,800; Rent Expense: 16,800; Depreciation expense - office equipment: 3,960; Advertising expense: 4,000; Office supplies expense: 2,800.

Total Debits = 135,260; Total Credits = 135,260

You have prepared the financial statements for December 20XX. Now, it is time to make the closing entries.

We will close the revenue accounts first: what dollar amount will I record for the debit and credit accounts? Specify as a whole number.

Respuesta :

abiolataiwo2015

The closing entries to record the given transaction is:  Debit Fees earned $75,000, Credit Income summary $75,000.

Closing journal entries

Adventure Travel journal entries

1. Debit Fees earned $75,000  

Credit Income summary  $75,000

2. Debit Income summary $60,360  

Credit Salaries expense  $32,800

Credit Rent expense  $16,800

Credit Depreciation expense-Office equipment  $3,960

Credit Advertising expense  $4,000

Credit Office supplies expense  $2,800

3. Debit  Income summary $14,640  

($75,000 - $60,360)

Credit A. Garcia, Capital  $14,640

4. Debit  A. Garcia, Capital $1,000  

Credit A. Garcia, Withdrawals $1,000

Therefore the closing entries to record the given transaction is:  Debit Fees earned $75,000, Credit Income summary $75,000.

Learn more about closing entries here:https://brainly.com/question/27857473

https://brainly.com/question/26558576

#SPJ1

Otras preguntas