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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
Preparation of Closing Entries
E 3. The income statement accounts for the Monroe Realty Company at the end of its fiscal year are shown below. Prepare the required closing entries in journal form. Chris Ross is the owner.
|
Account Name |
Debit |
Credit |
|
Commission Revenue |
 |
$26,620 |
|
Wages Expense |
$9,110 |
 |
|
Rent Expense |
1,300 |
 |
|
Supplies Expense |
4,160 |
 |
|
Insurance Expense |
915 |
 |
|
Depreciation Expense–Office Equipment |
1,345 |
 |
|
Total Expenses |
 |
16,830 |
|
Net Income |
 |
$9,790 |
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