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sergey [27]
3 years ago
8

The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9,000; D. Mai, Withdrawals $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:
oksian1 [2.3K]3 years ago
8 0

Answer: See explanation

Explanation:

The necessary closing entries from the available information at December 31 will be calculated thus:

1. Dec 31

Dr Services Revenue $13000

Cr Income Summary $13000

2. Dec 31

Dr Income Summary $10000

Cr Wages expense $8400

Cr Rent expense $1600

3. Dec 31

Dr Income Summary = $13000 - $10000 = $3000

Cr D. Mai, Capital $3000

4. Dec 31

Dr D. Mai, Capital $800

Cr D. Mai, Withdrawals $800

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