Chat with AI
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 10
Journalizing and posting closing entries.
On December 31, after adjustments, Cavazos Company's ledger contains the following account balances:
INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account.
3. Post the closing entries to the general ledger accounts.
Analyze: What is the balance of the Salaries Expense account after closing entries are posted?
On December 31, after adjustments, Cavazos Company's ledger contains the following account balances:
INSTRUCTIONS
1. Record the balances in the ledger accounts as of December 31.
2. Journalize the closing entries in the general journal, page 4. Use account number 399 for the Income Summary Account.
3. Post the closing entries to the general ledger accounts.
Analyze: What is the balance of the Salaries Expense account after closing entries are posted?
Explanation
Verified
Verified
(1)
The ledger accounts are shown after ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
