Account Cash Prepaid Rent Equipment Accumulated Depreciation Unearned Revenue Notes Payable Green, Capital Green, Withdr

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Account Cash Prepaid Rent Equipment Accumulated Depreciation Unearned Revenue Notes Payable Green Capital Green Withdr 1 (26.34 KiB) Viewed 8 times

Account Cash Prepaid Rent Equipment Accumulated Depreciation Unearned Revenue Notes Payable Green, Capital Green, Withdrawals Service Revenue Advertising Expense Depreciation Expense Rent Expense Telephone Expense Total Adjusted Trial Balance Debit Credit $4,000 2,400 8,000 DATE Mar 31 1,500 300 120 DATE Mar 31 3. Based on the adjusted trial balance, close the Income Summary account and Owner's Drawings. Calculate the new balance of owner's capital. 800 100 N17-229 $17.220 Prepare the closing entries to close revenue and expenses: Journal ACCOUNT TITLE & Service Revenue EXPLANATION Income Summary Close service revenue Mar 31 Income Summary $120 600 2.000 8,100 6,400 Telephone Expense Close expense accounts Advertising Expense Depreciation Expense Rem Expense Prepare the closing entries to close income summary and withdrawal: ACCOUNT TITLE & EXPLANATION Mar 31 Green, Capital Income Summary Green Capital Close Income Summary Journal DEBIT CREDIT Green, Withdrawals Clme Owner's Wishdrawals DEBIT CREDIT