Prepare the closing entries. L. Pharoah did not make any additional investments during the year....
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Accounting
Prepare the closing entries. L. Pharoah did not make any additional investments during the year. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 II DI DODILI DO II IT MONTE (To close expense accounts) Dec. 31 (To cose net income / (loss)) Dec. 31 (To close drawings) Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 10,800 130 2,800 157 24,400 158 4.400 201 8,900 212 2,200 301 19.200 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 306 10,100 400 60,400 622 1,800 711 3,300 722 1,800 726 30,100 732 1,200 Totals 38,200 60,400 56,900 34,700 Net Income 22.200 22,200 60,400 60.400 56.900 56,900
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