On December 31, the ledger of Davis Company contained the following account balances:Accounts Payable$8,000 ?Fees Income$170,000Accounts Receivable4,800 ?Supplies3,200 Accumulated Depreciation6,000 ?Prepaid Rent56,000Cash72,000?Rent Expense8,000Depreciation Expense6,000?Supplies Expense7,200Equipment60,000 ?Teresa Davis, Capital92,400 Teresa Davis, Drawing48,000?Utilities Expense14,400All the accounts have normal balances. Journalize the closing entries. Use 11 as the general journal page number. (Note: if you want the accounts to be in alpha order, they need to be re-arranged.)
What will be an ideal response?
GENERAL JOURNAL
| PAGE 11 | ||||
| DATE | DESCRIPTION | P.R. | DEBIT | CREDIT |
| Dec. 31 | Fees Income | ? | 170,000 | ? |
| ? | Income Summary | ? | ? | 170,000 |
| ? | ? | ? | ? | ? |
| Dec. 31 | Income Summary | ? | 35,600 | ? |
| ? | Depreciation Expense | ? | ? | 6,000 |
| ? | Rent Expense | ? | ? | 8,000 |
| ? | Supplies Expense | ? | ? | 7,200 |
| ? | Utilities Expense | ? | ? | 14,400 |
| ? | ? | ? | ? | ? |
| Dec. 31 | Income Summary | ? | 134,400 | ? |
| ? | Teresa Davis, Capital | ? | ? | 134,400 |
| ? | ? | ? | ? | ? |
| Dec. 31 | Teresa Davis, Capital | ? | 48,000 | ? |
| ? | Teresa Davis, Drawing | ? | ? | 48,000 |
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