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Make a required closing entries

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Reference no: EM132556062

On 12/31/XX (EFY) you have been given the following adjusted ledger balance

CASH.                                                 150,000

ACCOUNT RECEIVABLE.                           375,000

PREPAID EXPENSES                                    60,000

TRUCK                                                         75,000

ACCUMULATED DEPR.                                    10,000

ACCTS. PAYABLE                                           175,000

S.T. NOTES PAYABLE                                            200,000

CAPITAL                                                          70,000

DRAWING                                                              30,000

REVENUE                                                           581,000

WAGE EXPENSE                                                    103,000

FUEL EXPENSE                                                      185,000

INSR. EXPENSE                                                      10,000

RENT EXPENSE                                                             25,000

DEPR EXPENSE                                                              5,000

UTILITY EXP.                                                                    18,000

Required:

Question 1: Assume that all the ledger balances are normal. required Closing entries.

Reference no: EM132556062

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