Answer:
A. Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
B. Dec 31, 2019
Dr Income Summary 25,500
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
C. Dec 31, 2019
Dr Income Summary 21,250
Cr Maria Lopez, Capital 21,250
D. Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
Explanation:
A. Preparation of the closing entry for revenue.
Dec 31, 2019
Dr Fees Income 46,250
Dr Income Summary 46,250
(To close revenue accounts)
B. Preparation of the closing entry for expenses.
Dec 31, 2019
Dr Income Summary 25,500
(2,000+15,500+2,250+1,850+3,900)
Cr Depreciation Expense 2,000
Cr Salaries Expense 15,500
Cr Supplies Expense 2,250
Cr Telephone Expense 1,850
Cr Utilities Expense 3,900
(To close expense accounts)
C. Preparation of the closing entry for balance of income summary
Dec 31, 2019
Dr Income Summary 21,250
(46,750-25,500)
Cr Maria Lopez, Capital 21,250
(To close balance of income summary)
D.Preparation of the closing entry for the drawing account
Dec 31, 2019
Maria Lopez, Capital 12,000
Maria Lopez, Drawing 12,000
(To close drawing account)
