Solution-Recreate the closing entries

Recreate the closing entries

Assignment Help Financial Accounting

Reference no: EM13492308

The following T-Accounts contain the Dec postings to the general ledger of Swoops, Inc.

The Dec 1 postings are beginning balances, while the Dec 31 postings are closing entries.

Recreate the closing entries made by Swoops on Dec 31

Service Revenue				Interest Expense
31-Dec	75,000	1-Dec	64,000	31-Dec	1,500	31-Dec	1,800
		8-Dec	4,000	24-Dec	300
		24-Dec	3,000
		31-Dec	4,000


Salaries Expense				Retained Earnings
1-Dec	15,000	31-Dec	17,000	31-Dec	2,500	1-Dec	51,550
15-Dec	1,000			31-Dec	26,100	31-Dec	75,000
31-Dec	1,000



Supplies Expense				Dividends
1-Dec	1,800	31-Dec	2,500	1-Dec	2,000	31-Dec	2,500
30-Dec	700			15-Dec	500




Depreciation Expense				Depreciation Expense
1-Dec	4,400	31-Dec	4,800	1-Dec	4,400	31-Dec	4,800
30-Dec	400			30-Dec	400

Reference no: EM13492308

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Recreate the closing entries

Reference no: EM13492308

Reference no: EM13492308

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