Solution-Prepare the journal entry to close the expense

Prepare the journal entry to close the expense accounts

Reference no: EM131816245

QUESTION 12

Account Name	_Debit_	_Credit_
Accounts Payable		26,000
Accounts Receivable	28,850
Cash	10,000
Common Stock		12,500
Cost of Goods Sold	68,000
Equipment	73,000
Interest Expense	150
Interest Payable		500
Inventory	45,000
Note Payable		21,000
Retained Earnings		53,000
Sales Revenue		179,000
Supplies Expense	7,000
Wages Expense	60,000
Total	292,000	292,000

This is Green Co.'s Pre-Closing Trial Balance as of December 31, 2011. Green's accounting period is month, thus the balances in the temporary accounts are for the month of December 2011.

Note: The accounts are not listed in their normal sequence -- rather they are listed in alphabetical sequence.

Question: Prepare the Journal Entry to close the Expense accounts.

Reference no: EM131816245

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Prepare the journal entry to close the expense accounts

Reference no: EM131816245

Reference no: EM131816245

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