question archive After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Silver Gate Delivery Services Co: Retained Earnings $ 800,000 Dividends 125,000 Fees Earned 700,000 Wages Expense 400,000 Rent Expense 75,000 Supplies Expense 16,000 Miscellaneous Expense 5,000 Journalize the four entries required to close the accounts
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Silver Gate Delivery Services Co: Retained Earnings $ 800,000 Dividends 125,000 Fees Earned 700,000 Wages Expense 400,000 Rent Expense 75,000 Supplies Expense 16,000 Miscellaneous Expense 5,000 Journalize the four entries required to close the accounts
Subject:AccountingPrice:2.89 Bought3
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Silver Gate Delivery Services Co:
Retained Earnings $ 800,000
Dividends 125,000
Fees Earned 700,000
Wages Expense 400,000
Rent Expense 75,000
Supplies Expense 16,000
Miscellaneous Expense 5,000
Journalize the four entries required to close the accounts.
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Oct. 31 Fees Earned.................................................................... 700,000
Income Summary..................................................... 700,000
31 Income Summary........................................................... 496,000
Wages Expense........................................................ 400,000
Rent Expense........................................................... 75,000
Supplies Expense...................................................... 16,000
Miscellaneous Expense............................................. 5,000
31 Income Summary........................................................... 204,000
Retained Earnings.................................................... 204,000
31 Retained Earnings.......................................................... 125,000
Dividends................................................................. 125,000
