Ch 4-2 Practice Exercises Closing Entries After the accounts have been adjusted

Question

Ch 4-2 Practice Exercises Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were tal from the ledger of Nuclear Landscaping Co. Felix Godwin, Capital Fellx Godwin, Drawing Fees Earned Wages Expense Rent Expense $310,880 24,000 359,700 272,700 65,400 24,545 8,180 Supplies Expense Miscellaneous Expense Journalize the two entries required to close the accounts. For a compound transaction, if an amount box does not require an entry, leave it blank Apr. 30 Accounts Payable Apr. 30 Check My Work 2 more Check My Work uses remaining. Previous N ment Score: 54% Email Instructor Save and Exit Submit Assignment for

Explanation / Answer

EXPLANATION -- Following are the journal entries the given problem

DATE ACCOUNT TITLE DEBIT CREDIT 30-Apr Income summary 370825 Wage Expense 272700 Rent Expense 65400 Supply Expense 24545 Miscellaneous Expense 8180 30-Apr Fees Earned 359700 Income summary 359700 30-Apr Felix Godwin, Capital 11125 Income summary 11125 30-Apr Felix Godwin, Capital 24000 Felix Godwin, Drawing 24000

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