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Necessary Adjusting Journal Entries.
SECTION TWO—CLOSING JOURNAL ENTRIES CHAPTER 4. (Eleven Points each)
. 1. Assume that at the end of the year, the Credit Balance in the Patient Services Revenue Account was $3,400 and $1, 800 in the laboratory Fees Revenue.
REQUIRED:
Prepare the necessary Closing Journal Entries. Use the Income Summary Account to help in closing the Accounts.
2. CLOSING THE EXPENSE ACCOUNTS.
Assume that the following Accounts had Debit Balances: Rent Expense, $1, 400, Wages Expense, $1, 100, and Other Expenses, $300.
REQUIRED:
Prepare the necessary Closing Journal Entries.
3. CLOSING THE INCOME SUMMARY ACCOUNTS.
Assume that Total Revenues were $5, 200 and Total Expenses amounted to $3, 000.
REQUIRED:
Prepare the necessary Closing Journal Entries.
4. CLOSING THE DRAWING ACCOUNT
Assume that the Debit Balance in the Withdrawal Account at the end of the year was $800.
REQUIRED:
Prepare the necessary Closing Journal Entries.