Answer Happy

43 On December 31, the ledger of Hartley Engineering Company contained the following account balances: Accounts payable Accounts receivable Accumulated depreciation Cash Depreciation expense Equipment Eric Hartley, Drawing View transaction list $ 5,600 4,000 4,600 44,000 4,600 38,000 27,200 Journal entry worksheet Haber Enta's diabite internetite Fees income Supplies Salaries expense Supplies expense Telephone expense Eric Hartley, Capital Utilities expense All the accounts have normal balances. Prepare the closing entries for Hartley Engineering Company On December 31. Record entry to transfer fees income to income summary. $94,600 3,200 29,600 5,600 5,200 62,200 8,800 >

2 3 Record entry to transfer expenses to income summary. Date Dec 31 Note: Enter debits before credits. General Journal Debit Credit

2 Date Dec 31 3 Record entry to transfer net income or net loss from income summary to capital. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal

43 < 1 2 Date Dec 31 3 Record entry to transfer drawings to capital account. Note: Enter debits before credits. Record entry 4 General Journal Clear entry Debit Credit View general journal