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QUESTION
The firm"s income for Year 1 was $2,373,000. The revenues were $3,000,000. The expenses totaled $627,000 [Insurance $50,000, Supplies $80,000,...
The firm"s income for Year 1 was $2,373,000. The revenues were $3,000,000. The expenses totaled $627,000 [Insurance $50,000, Supplies $80,000, Interest $2,000, Rent $165,000 and Salaries $330,000]. What would the firm"s Closing Journal Entry on December 31, Year 1 have looked like?
