What would the journal entries be to close the accounts

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A.P 30,000,A.R 64,500,Accum. Deprec.73,325,Cash17,150,Deprec. Expns13,500,Equip.165,000,Insurance expns1,600,prepaid insurance6,275,rent expns31,400,salary expns46,000,salary payable1,150,service rev.191,000,Supplies1,500,supplies expns2,500,Capital99,950,drawing48,000

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Type: Question • Score: 0 • Views: 206 • Replies: 2

[+2] - roger - 04/27/2009Close revenues to retained earnings. Close expenses to retained earnings. Don't ever close payables or receivables. See what you come up with.
[+1] - cicerone imposter - 04/27/2009Yo.

@detective2009,

Close revenues to retained earnings. Close expenses to retained earnings. Don't ever close payables or receivables. See what you come up with.

What would the journal entries be to close the accounts

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