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maxonik [38]
3 years ago
13

The ledger of Mai Company includes the following accounts with normal balances: Common Stock, $9,000; Dividends, $800; Services

Revenue, $13,000; Wages Expense, $8,400; and Rent Expense, $1,600.
Prepare the necessary closing entries from the available information at December 31.
Business
1 answer:
Firdavs [7]3 years ago
5 0

Answer:

Explanation:

The closing entries is purposely to transfer account balances to permanents books of account , with all income statements banalces transferred to retained earnings.

Common stock - $9000

Dividends - $800

Service revenue - $13,000

Wages Expenses - $ $8,400

Rent Expenses -    $1,600

Closing Entries

Particulars                            Dr                        Cr

Income Summary           $10,000

Wages Expenses                                        $8,400

Rent Expenses                                            $1,600

Service Revenue              $13,000

Income Summary                                            $13,000

Income Summary             $3,000

(13000-10000)

Retained Earnings                                            $3,000

Retained Earnings             $800

Dividends                                                            $800

           

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Answer:

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Explanation:

Payroll taxes for the month of January is = FICA +FUTA +SUTA+

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Answer:

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As such, if original cost of the merchandise to X-Mart was $500, entries required would include a credit to merchandise inventory $500 and Debit Cost of Goods Sold $500.

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