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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 8
Recording closing entries.
On December 31, 2013, the Income Statement section of the worksheet for Thomason Company contained the following information. Give the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. Use journal page 16.
INCOME STATEMENT SECTION
Assume further that the owner of the firm is Bobby Thomason and that the Bobby Thomason, Drawing account had a balance of $26,200 on December 31, 2013.
On December 31, 2013, the Income Statement section of the worksheet for Thomason Company contained the following information. Give the entries that should be made in the general journal to close the revenue, cost of goods sold, expense, and other temporary accounts. Use journal page 16.
INCOME STATEMENT SECTION
Assume further that the owner of the firm is Bobby Thomason and that the Bobby Thomason, Drawing account had a balance of $26,200 on December 31, 2013.
Explanation
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Prepare closing entries:
In order to co...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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