Question 4.4: Closing Entries After the accounts have been adjusted at Jul......
Closing Entries
After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co.:
Terry Lambert, Capital $615,850
Terry Lambert, Drawing 25,000
Fees Earned 380,450
Wages Expense 250,000
Rent Expense 65,000
Supplies Expense 18,250
Miscellaneous Expense 6,200
Journalize the four entries required to close the accounts.
July 31 Fees Earned 380,450
Income Summary 380,450
31 Income Summary 339,450
Wages Expense 250,000
Rent Expense 65,000
Supplies Expense 18,250
Miscellaneous Expense 6,200
31 Income Summary 41,000
Terry Lambert, Capital 41,000
31 Terry Lambert, Capital 25,000
Terry Lambert, Drawing 25,000