After the accounts have been adjusted at January 31, the end of the year, the fo
ID: 2406510 • Letter: A
Question
After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company Harrison Taylor, Capital Harrison Taylor, Drawing Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense Journalize the entries required to close the accounts. If an amount box does not require an entry, leave it blank. $358,810 13,800 127,380 44,430 15,990 15,980 1,670 Fees Earned Harrison Taylor, Capital Rent Expense Supplies Expense Miscellaneous Expense Wages Expense Jan. 31 Jan. 31 Harrison Taylor, Capital Harrison Taylor, DrawingExplanation / Answer
ANSWER:
Date
Particulars
Debit
Credit
Jan. 31
Fees Earned
127380
Harrison Taylor, Capital (note)
49310
Rent Expense
15990
Supplies Expense
15980
Miscellaneous Expense
1670
Wages Expense
44430
Jan. 31
Harrison Taylor, Capital
13800
Harrison Taylor, Drawing
13800
Note: the amount of Harrison Taylor, Capital in first entry is adjusted amount. Which is calculated by deducting all expenses from fees earned (127380-15990-15980-1670-44430=49310)
Date
Particulars
Debit
Credit
Jan. 31
Fees Earned
127380
Harrison Taylor, Capital (note)
49310
Rent Expense
15990
Supplies Expense
15980
Miscellaneous Expense
1670
Wages Expense
44430
Jan. 31
Harrison Taylor, Capital
13800
Harrison Taylor, Drawing
13800