Assignment
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.
- Fees Revenue $1,000
- Rent expenses $100
- 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 - Withdrawals $150
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