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Posting Closing Entries and Preparing a Post-closing Trial Balance, Page 19

Assignment iconAssignment

Complete the assignment below and submit it to the Posting Closing Entries and Preparing a Post-Closing Trial Balance Dropbox.
This assignment is 13 points.

Prepare closing entries by journalizing the four closing entries below on this general journal form.

  1. Fees Revenue $1,000
  2. Rent expenses $100
  3. Other expenses $400 (these two expense accounts will be closed by one compound journal entry)

    After the above two entries, you will now have a balance in the Income Summary Account; close that balance into the Capital account
  4. Withdrawals $150

 

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