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Prepare firms closing entries for taylor maid services

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Reference no: EM132492731

The following accounts were taken from the books of Taylor Maid Services at June 30th 2008, the company's fiscal year end.

Account                                                    Dr                               Cr

Accounts Receivable                    $ 14,660

Accounts Payable                                                        $ 4,850

Accumulated Amortization - Equipment                           4,800

Amortization Expense - Equipment    1,920

Capital - Your Name                                                   28,000

Cash                                       2,000

Equipment                             20,000

Insurance Expense                  2,850

Interest Expense                      7,750

Prepaid Insurance                     1,200

Rent Expense                          12,500

Salary Expense                         47,000

Salary Payable                                                                   1,350

Service Fees Earned                                                            84,300

Supplies                                    305

Supplies Expense                          990

Telephone Expense                         4,820

Unearned Fees                                                                    1,970

Withdrawals - Your Name                   9,275

Totals                                          125,270                          125,270

Required :

Question 1: Prepare the firm's closing entries for Taylor Maid Services on June 30, 2008.

Reference no: EM132492731

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