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Prepare the closing entries for Jamison Company on October

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Reference no: EM132464666

Problem - The partial worksheet for the Jamison Company showed the following data on October 31, 2019.

ACCOUNT NAME

INCOME STATEMENT

BALANCE SHEET

DEBIT

CREDIT

DEBIT

CREDIT

Jason Jamison, Capital

 

 

 

34,500

Jason Jamison, Drawing

 

 

3,750

 

Fees Income

 

24,500

 

 

Salaries Expense

12,200

 

 

 

Rent Expense

1,450

 

 

 

Supplies Expense

850

 

 

 

Utilities Expense

950

 

 

 

Depr. Exp. -Equip.

1,300

 

 

 

Totals

16,750

24,500

46,150

38,400

Net Income

7,750

 

 

7,750

 

24,500

24,500

46,150

46,150

Required - Prepare the closing entries for Jamison Company on October 31, 2019.

Reference no: EM132464666

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