Cash $64,000 Accounts Receivable 4,800 Supplies 3,200 Equipment 50,000 Hayward A
ID: 2434404 • Letter: C
Question
Cash $64,000 Accounts Receivable 4,800 Supplies 3,200 Equipment 50,000 Hayward Anderson, Drawing 25,000 Fees Income 97,500 Depreciation Expense 4,500 Salaries Expense 32,000 Accumulated Depreciation 4,000 Accounts Payable 5,000 Hayward Anderson, Capital 94,500 Supplies Expense 5,000 Telephone Expense 4,200 Utilities Expense 8,300 All the accounts have normal balances. Journalize the closing entries. Use 4 as the general journal page number What confused me is how to set the entries up and to the right account so i can make sure i have the total to all debits and credits corect Cash $64,000 Accounts Receivable 4,800 Supplies 3,200 Equipment 50,000 Hayward Anderson, Drawing 25,000 Fees Income 97,500 Depreciation Expense 4,500 Salaries Expense 32,000 Accumulated Depreciation 4,000 Accounts Payable 5,000 Hayward Anderson, Capital 94,500 Supplies Expense 5,000 Telephone Expense 4,200 Utilities Expense 8,300 All the accounts have normal balances. Journalize the closing entries. Use 4 as the general journal page number What confused me is how to set the entries up and to the right account so i can make sure i have the total to all debits and credits corectExplanation / Answer
You should not be confused. With doing more and more practical questions yourself, you will get confidence. All debits and credits will be correct, if you keep a check on the Journal entry and its posting into ledger. In the given question, there is only one adjusting entry of Depreciation expense, which has been made. You should note that Depreciation account has a debit of $4,500, whereas the Accumulated Depreciation has credit of $4,000. There is a mistake, as the value of Accumulated Depreciation should not be less than Depreciation expense. Please check your accounts again and find the errors.