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3 years ago

Reconstruct adjusting and closing entries for the month ended September 30 from the T-accounts below.

Business

1 answer:

GaryK [48]3 years ago

8 0

Answer:

Fees Earned (Dr.) $7,000

Income Summary (Cr.) $7,000

To close the service revenue

Income Summary (Dr.) $7,275

Wages Expense (Cr.) $385

Insurance Expense (Cr.) $1,250

Rent Expense (Cr.) $5,510

Utilities Expense (Cr.) $130

To close all the expenses

Explanation:

Adjusting and closing entries are performed at the end of month to close all business transactions that incurred during the period. These transaction are kind of reversals to close the debit side which reflects the balances in the period.

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