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Prepare journal entries to close the accounts

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Reference no: EM132553964

Key Insurance Agency

Adjusted Trial Balance

December 31, 2019.

Cash $ 9600

Accounts Receivable 6700

Land 60000

Accumulated depreciation: Land 12000

Building 90000
Accumulated depreciation: Building 30000

Accounts Payable 4057

Salaries Payable 5943

Steve James, Capital 108000

Steve James, Drawing 20249

Commission Earned 97220

Repairs Expense 40751

Salary Expense 5200

Power Expense 15000

Advertising Expense 33788

Rent Expense 49712

Depreciation Expense: Land 6000

Depreciation Expense: Building 15000

Question a) Prepare journal entries to close the accounts. Use four entries. to close revenue account, to close expense account, to close Income summary account, to close the owner's drawing  account

Reference no: EM132553964

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